Independent Bank (INDB) Financials

$65.50 -3.30 (-4.80%)

Closing price 10/10/2025 04:00 PM Eastern

Extended Trading

$65.50 +0.00 (+0.01%)

As of 10/10/2025 04:42 PM Eastern

Annual Income Statements for Independent Bank

This table shows Independent Bank's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	65	77	87	122	165	121	121	264	240	192
Consolidated Net Income / (Loss)	65	77	87	122	165	121	121	264	240	192
Net Income / (Loss) Continuing Operations	65	77	87	122	165	121	121	264	240	192
Total Pre-Tax Income	92	112	135	156	218	153	157	348	315	247
Total Revenue	291	310	342	387	508	479	507	728	731	690
Net Interest Income / (Expense)	215	228	259	298	393	368	402	613	607	562
Total Interest Income	236	247	277	324	447	402	415	643	796	853
Loans and Leases Interest Income	215	224	253	294	412	371	382	578	730	790
Investment Securities Interest Income	20	21	23	27	32	30	30	50	60	57
Federal Funds Sold and Securities Borrowed Interest Income	0.35	1.19	1.42	2.68	2.21	0.85	2.49	14	5.19	5.67
Total Interest Expense	21	19	18	26	54	34	14	30	189	291
Deposits Interest Expense	12	11	13	20	41	27	8.33	25	145	247
Long-Term Debt Interest Expense	9.04	7.65	5.63	5.54	13	7.01	5.39	4.94	44	44
Total Non-Interest Income	76	82	83	89	115	111	106	115	125	128
Service Charges on Deposit Accounts	19	19	18	18	20	15	17	23	23	26
Other Service Charges	28	32	33	36	55	50	44	43	47	48
Net Realized & Unrealized Capital Gains on Investments	4.65	6.16	3.84	3.84	6.91	11	3.52	4.22	5.62	2.57
Investment Banking Income	21	22	24	26	29	29	35	37	40	43
Other Non-Interest Income	3.69	4.09	4.13	4.06	5.01	5.36	6.43	7.69	7.87	8.09
Provision for Credit Losses	1.50	6.08	2.95	4.78	6.00	53	18	6.50	23	36
Total Non-Interest Expense	197	192	204	226	284	274	333	374	393	406
Salaries and Employee Benefits	105	109	117	124	149	152	173	205	222	234
Net Occupancy & Equipment Expense	28	28	30	32	40	43	43	59	60	62
Property & Liability Insurance Claims	3.98	3.38	3.07	2.77	1.39	2.52	3.98	6.95	12	11
Other Operating Expenses	45	41	44	48	56	64	66	88	91	92
Amortization Expense	-	-	2.71	2.34	6.38	6.14	5.72	7.66	6.88	5.91
Restructuring Charge	11	5.46	3.39	11	26	0.00	41	7.10	0.00	1.90
Income Tax Expense	27	35	47	34	53	32	36	84	76	55
Basic Earnings per Share	$2.51	$2.90	$3.19	$4.41	$5.03	$3.64	$3.47	$5.69	$5.42	$4.52
Weighted Average Basic Shares Outstanding	25.89M	26.40M	27.29M	27.59M	32.81M	33.26M	34.87M	46.37M	44.18M	42.50M
Diluted Earnings per Share	$2.50	$2.90	$3.19	$4.40	$5.03	$3.64	$3.47	$5.69	$5.42	$4.52
Weighted Average Diluted Shares Outstanding	25.96M	26.46M	27.37M	27.65M	32.86M	33.29M	34.89M	46.39M	44.19M	42.51M
Weighted Average Basic & Diluted Shares Outstanding	25.90M	26.40M	27.30M	27.60M	32.80M	66.04M	94.80M	90.13M	84.89M	42.61M
Cash Dividends to Common per Share	$1.04	-	-	$1.52	$0.00	$1.84	$1.92	$2.08	$2.20	$2.28

This table shows Independent Bank's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	72	77	61	63	61	55	48	51	43	50	44
Consolidated Net Income / (Loss)	72	77	61	63	61	55	48	51	43	50	44
Net Income / (Loss) Continuing Operations	72	77	61	63	61	55	48	51	43	50	44
Total Pre-Tax Income	95	100	81	83	80	71	62	66	55	63	57
Total Revenue	191	201	187	183	183	177	167	170	175	177	178
Net Interest Income / (Expense)	163	168	159	153	150	145	137	138	142	145	146
Total Interest Income	170	184	187	199	203	207	208	212	217	216	212
Loans and Leases Interest Income	150	164	171	180	187	192	193	197	201	198	195
Investment Securities Interest Income	13	16	15	16	15	15	14	14	14	15	15
Federal Funds Sold and Securities Borrowed Interest Income	6.52	4.16	0.67	3.31	0.91	0.30	0.48	0.40	1.64	3.15	1.44
Total Interest Expense	7.37	16	28	46	53	62	71	74	75	72	66
Deposits Interest Expense	6.11	14	23	32	41	49	54	61	67	64	59
Long-Term Debt Interest Expense	1.26	1.45	5.26	14	12	13	16	12	7.84	7.47	6.98
Total Non-Interest Income	28	32	28	31	34	32	30	32	34	32	33
Service Charges on Deposit Accounts	6.26	5.79	5.92	5.51	5.94	6.13	6.23	6.33	6.78	7.12	7.05
Other Service Charges	11	12	10	12	13	13	12	13	13	12	11
Net Realized & Unrealized Capital Gains on Investments	0.95	2.11	0.42	1.45	2.77	0.98	0.34	0.47	1.13	0.63	1.04
Investment Banking Income	8.44	10	9.78	10	10	9.82	9.94	11	11	11	11
Other Non-Interest Income	1.88	2.14	1.85	1.94	1.98	2.09	1.93	2.00	2.01	2.15	2.07
Provision for Credit Losses	3.00	5.50	7.25	5.00	5.50	5.50	5.00	4.25	20	7.50	15
Total Non-Interest Expense	93	95	99	96	98	101	100	100	100	106	106
Salaries and Employee Benefits	53	54	57	54	55	56	57	57	60	59	62
Net Occupancy & Equipment Expense	15	15	15	15	15	15	16	15	15	16	17
Property & Liability Insurance Claims	1.68	1.73	2.61	2.67	2.73	3.94	2.98	2.69	2.63	2.59	2.99
Other Operating Expenses	22	23	22	21	24	25	22	22	21	27	22
Amortization Expense	1.90	1.85	1.82	1.72	1.71	1.64	1.56	1.47	1.46	1.42	1.34
Restructuring Charge	0.00	-	-	-	-	-	-	-	-	-	1.16
Income Tax Expense	23	23	20	20	19	16	15	15	12	13	13
Basic Earnings per Share	$1.57	$1.68	$1.36	$1.42	$1.38	$1.26	$1.12	$1.21	$1.01	$1.18	$1.04
Weighted Average Basic Shares Outstanding	45.84M	46.37M	45.00M	44.13M	44.14M	44.18M	42.55M	42.47M	42.48M	42.50M	42.55M
Diluted Earnings per Share	$1.57	$1.68	$1.36	$1.42	$1.38	$1.26	$1.12	$1.21	$1.01	$1.18	$1.04
Weighted Average Diluted Shares Outstanding	45.86M	46.39M	45.02M	44.14M	44.15M	44.19M	42.57M	42.47M	42.49M	42.51M	42.57M
Weighted Average Basic & Diluted Shares Outstanding	45.64M	90.13M	-	44.14M	43.85M	84.89M	42.47M	42.48M	42.49M	42.61M	42.62M
Cash Dividends to Common per Share	$0.51	$1.06	$0.55	$0.55	$0.55	$0.55	$0.57	$0.57	$0.57	$0.57	$0.59

This table details how cash moves in and out of Independent Bank's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	98	13	-76	37	-99	1,146	944	-1,888	-129	-4.44
Net Cash From Operating Activities	90	93	131	142	217	65	190	421	277	230
Net Cash From Continuing Operating Activities	90	93	131	142	217	65	190	421	277	230
Net Income / (Loss) Continuing Operations	65	77	87	122	165	121	121	264	240	192
Consolidated Net Income / (Loss)	65	77	87	122	165	121	121	264	240	192
Provision For Loan Losses	1.50	6.08	2.95	4.78	6.00	53	18	6.50	23	36
Depreciation Expense	12	14	16	16	19	27	33	39	36	41
Amortization Expense	-	-	-0.08	0.37	2.69	-7.13	-25	-7.12	-1.86	-1.74
Non-Cash Adjustments to Reconcile Net Income	8.86	-2.12	8.61	-6.26	-15	-35	-25	-23	-18	-27
Changes in Operating Assets and Liabilities, net	1.91	-1.62	17	5.71	39	-94	68	142	-1.77	-10
Net Cash From Investing Activities	-206	-239	-317	-388	20	-488	-63	-1,000	-212	-33
Net Cash From Continuing Investing Activities	-206	-239	-317	-388	20	-488	-63	-1,000	-212	-33
Purchase of Property, Leasehold Improvements and Equipment	-10	-10	-25	-11	-17	-13	-25	-22	-16	-20
Purchase of Investment Securities	-380	-406	-442	-552	-111	-859	-1,209	-1,296	-410	-399
Sale of Property, Leasehold Improvements and Equipment	1.23	0.35	6.31	2.19	3.80	6.10	0.17	3.34	0.11	0.09
Sale and/or Maturity of Investments	184	177	144	171	144	377	1,171	314	214	386
Net Cash From Financing Activities	214	159	110	283	-336	1,569	817	-1,308	-194	-201
Net Cash From Continuing Financing Activities	214	159	110	283	-336	1,569	817	-1,308	-194	-201
Net Change in Deposits	348	246	158	279	-206	1,846	1,484	-1,037	-1,014	440
Issuance of Common Equity	-	-	-	-	-1.46	-1.19	-1.25	-1.08	-1.14	-0.82
Repayment of Debt	-39	-66	0.00	-24	-110	-77	-605	-14	0.00	-50
Repurchase of Common Equity	-0.66	-0.70	-1.42	-1.37	0.00	-95	0.00	-140	-189	-31
Payment of Dividends	-26	-30	-34	-40	-53	-61	-63	-94	-98	-96
Other Financing Activities, Net	-69	8.96	-12	70	-140	-43	1.97	-23	1,108	-464
Cash Interest Paid	21	19	19	25	50	37	14	26	183	292
Cash Income Taxes Paid	12	33	33	28	40	48	23	44	44	51

This table details how cash moves in and out of Independent Bank's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-540	-583	150	-194	-88	4.20	-3.01	93	111	-205	497
Net Cash From Operating Activities	133	115	51	91	81	54	51	66	70	43	13
Net Cash From Continuing Operating Activities	133	115	51	91	81	54	51	66	70	43	13
Net Income / (Loss) Continuing Operations	72	77	61	63	61	55	48	51	43	50	44
Consolidated Net Income / (Loss)	72	77	61	63	61	55	48	51	43	50	44
Provision For Loan Losses	3.00	5.50	7.25	5.00	5.50	5.50	5.00	4.25	20	7.50	15
Depreciation Expense	9.57	9.27	9.63	8.75	9.19	8.53	10	11	10	9.39	10
Amortization Expense	-0.74	-0.72	-0.53	-0.29	-0.38	-0.66	-0.27	-0.33	-0.47	-0.67	-0.34
Non-Cash Adjustments to Reconcile Net Income	-5.07	-7.88	-3.70	-4.66	-6.37	-3.50	-2.96	-2.01	-3.46	-19	-3.63
Changes in Operating Assets and Liabilities, net	55	32	-22	19	13	-11	-8.69	1.51	1.41	-4.34	-52
Net Cash From Investing Activities	-290	-216	-29	-146	-56	19	16	16	63	-128	-20
Net Cash From Continuing Investing Activities	-290	-216	-29	-146	-56	19	16	16	63	-128	-20
Purchase of Property, Leasehold Improvements and Equipment	-1.87	-4.05	-4.22	-2.43	-2.90	-6.30	-4.46	-3.73	-5.86	-6.38	-2.03
Purchase of Investment Securities	-349	-292	-68	-217	-97	-28	-62	-66	-18	-254	-104
Sale of Property, Leasehold Improvements and Equipment	1.23	2.12	0.05	-	0.05	0.01	0.02	0.01	-	0.06	0.00
Sale and/or Maturity of Investments	59	78	44	74	43	53	82	86	86	132	86
Net Cash From Financing Activities	-383	-483	127	-139	-113	-69	-70	11	-22	-120	504
Net Cash From Continuing Financing Activities	-383	-483	127	-139	-113	-69	-70	11	-22	-120	504
Net Change in Deposits	-300	-460	-607	-24	-189	-194	178	366	31	-135	370
Issuance of Debt	-	-	-	-	-	-	-	-	-	-	296
Repayment of Debt	-	-	0.00	-	-	-	-50	-	-	-	0.00
Repurchase of Common Equity	-35	-	-120	-	-	-69	-31	-	-	-	0.00
Payment of Dividends	-24	-23	-25	-24	-24	-24	-24	-24	-24	-24	-24
Other Financing Activities, Net	-24	1.68	879	-90	100	220	-143	-331	-29	40	-139

This table presents Independent Bank's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	7,209	7,709	8,082	8,852	13,204	20,423	19,294	19,347	19,374
Cash and Due from Banks	85	97	103	128	169	142	176	179	188
Interest Bearing Deposits at Other Banks	191	192	110	123	1,127	2,099	177	45	32
Trading Account Securities	845	852	947	1,075	1,162	2,690	3,132	2,931	2,711
Loans and Leases, Net of Allowance	5,492	5,938	6,295	-64	9,258	-147	-152	-142	-170
Allowance for Loan and Lease Losses	56	62	61	64	113	147	152	142	170
Loans Held for Sale	5.99	6.14	4.77	6.43	58	13,440	13,776	6.37	7.27
Premises and Equipment, Net	76	78	95	98	116	196	197	193	193
Goodwill	201	222	232	256	506	985	985	985	985
Intangible Assets	12	9.85	9.34	15	23	33	25	18	12
Other Assets	302	315	287	7,215	762	839	826	14,990	15,244
Total Liabilities & Shareholders' Equity	7,209	7,709	8,082	8,852	13,204	20,423	19,294	19,347	19,374
Total Liabilities	6,438	6,845	7,138	7,778	11,502	17,405	16,407	16,452	16,380
Interest Bearing Deposits	5,991	6,412	6,729	7,427	10,993	16,917	15,879	14,866	15,306
Long-Term Debt	210	159	161	259	244	152	113	1,218	701
Other Long-Term Liabilities	237	97	85	92	327	336	415	368	373
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	771	865	944	1,073	1,703	3,018	2,887	2,895	2,993
Total Preferred & Common Equity	771	865	944	1,073	1,703	3,018	2,887	2,895	2,993
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	771	865	944	1,073	1,703	3,018	2,887	2,895	2,993
Common Stock	402	448	475	523	943	2,246	2,112	1,929	1,907
Retained Earnings	368	414	466	547	716	767	934	1,077	1,173
Accumulated Other Comprehensive Income / (Loss)	-2.45	-1.34	-1.83	-1.17	41	2.18	-163	-115	-90
Other Equity Adjustments	3.96	4.28	4.59	4.72	3.20	3.15	3.23	3.30	3.38

This table presents Independent Bank's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	19,703	19,401	19,368	19,325	19,411	19,408	19,888
Cash and Due from Banks	173	182	177	165	193	199	215
Interest Bearing Deposits at Other Banks	764	126	43	56	121	225	502
Trading Account Securities	3,152	3,023	2,974	2,846	2,766	2,766	2,720
Loans and Leases, Net of Allowance	-147	-141	-141	-147	-151	-164	-144
Allowance for Loan and Lease Losses	147	141	141	147	151	164	144
Loans Held for Sale	-	6.58	4.00	11	18	16	8.52
Premises and Equipment, Net	198	194	192	193	191	192	190
Goodwill	985	985	985	985	985	985	985
Intangible Assets	27	22	20	17	15	14	11
Other Assets	14,404	14,863	14,974	15,052	15,122	15,011	15,257
Total Liabilities & Shareholders' Equity	19,703	19,401	19,368	19,325	19,411	19,408	19,888
Total Liabilities	16,886	16,546	16,483	16,440	16,492	16,431	16,855
Interest Bearing Deposits	16,339	15,248	15,060	15,043	15,410	15,441	15,676
Long-Term Debt	113	901	1,000	1,025	693	663	860
Other Long-Term Liabilities	434	397	423	372	389	327	319
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,817	2,855	2,885	2,884	2,919	2,977	3,033
Total Preferred & Common Equity	2,817	2,855	2,885	2,884	2,919	2,977	3,033
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,817	2,855	2,885	2,884	2,919	2,977	3,033
Common Stock	2,111	1,995	1,997	1,899	1,902	1,904	1,908
Retained Earnings	883	1,010	1,046	1,101	1,128	1,147	1,192
Accumulated Other Comprehensive Income / (Loss)	-179	-153	-161	-119	-114	-77	-70
Other Equity Adjustments	3.24	3.29	3.34	3.40	3.35	3.40	3.52

This table displays calculated financial ratios and metrics derived from Independent Bank's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.34%	6.69%	10.18%	13.11%	31.49%	-5.76%	5.89%	43.46%	0.44%	-5.66%
EBITDA Growth	9.01%	21.00%	18.82%	14.44%	39.74%	-28.00%	-4.77%	130.36%	-7.92%	-18.06%
EBIT Growth	10.07%	21.59%	20.05%	15.89%	39.88%	-29.93%	2.51%	121.96%	-9.38%	-21.58%
NOPAT Growth	8.55%	17.99%	13.77%	39.47%	35.81%	-26.64%	-0.14%	118.04%	-9.22%	-19.80%
Net Income Growth	8.55%	17.99%	13.77%	39.47%	35.81%	-26.64%	-0.14%	118.04%	-9.22%	-19.80%
EPS Growth	0.40%	16.00%	10.00%	37.93%	14.32%	-27.63%	-4.67%	63.98%	-4.75%	-16.61%
Operating Cash Flow Growth	-0.84%	3.75%	40.92%	8.35%	52.66%	-70.15%	194.29%	121.43%	-34.24%	-16.99%
Free Cash Flow Firm Growth	-245.13%	-111.47%	113.96%	187.06%	-18,011.08%	196.78%	-111.17%	139.39%	-301.14%	169.93%
Invested Capital Growth	15.56%	22.29%	5.61%	5.10%	778.12%	-83.36%	62.89%	-5.38%	37.12%	-10.19%
Revenue Q/Q Growth	2.26%	1.91%	2.78%	3.77%	2.59%	0.48%	6.91%	7.21%	-3.11%	-0.05%
EBITDA Q/Q Growth	5.66%	-1.71%	9.20%	0.73%	28.35%	-19.35%	-24.73%	40.45%	-7.92%	-2.43%
EBIT Q/Q Growth	6.40%	-2.48%	9.88%	0.78%	23.50%	-18.42%	-22.81%	41.16%	-8.53%	-3.13%
NOPAT Q/Q Growth	5.66%	-2.88%	5.93%	6.92%	-6.47%	-35.32%	-40.39%	7.09%	-8.50%	-2.42%
Net Income Q/Q Growth	5.66%	-2.88%	5.93%	6.92%	18.70%	-14.96%	-21.40%	39.97%	-8.50%	-2.42%
EPS Q/Q Growth	3.31%	-3.33%	5.63%	6.28%	18.35%	-18.20%	-25.38%	47.03%	-7.19%	-1.74%
Operating Cash Flow Q/Q Growth	5.32%	38.16%	-7.52%	-3.03%	23.53%	-28.27%	-9.68%	24.14%	-18.25%	-4.41%
Free Cash Flow Firm Q/Q Growth	43.69%	-292.18%	160.00%	161.87%	-1,938.28%	5,477.81%	-500.54%	156.35%	-26.04%	38.26%
Invested Capital Q/Q Growth	0.99%	22.86%	16.05%	2.63%	492.28%	-1.96%	65.75%	2.37%	5.86%	1.48%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	35.93%	40.75%	43.94%	44.46%	47.25%	36.10%	32.46%	52.13%	47.79%	41.50%
EBIT Margin	31.70%	36.12%	39.36%	40.33%	42.90%	31.90%	30.88%	47.77%	43.10%	35.83%
Profit (Net Income) Margin	22.34%	24.70%	25.51%	31.45%	32.49%	25.29%	23.85%	36.24%	32.76%	27.85%
Tax Burden Percent	70.47%	68.39%	64.81%	78.00%	75.73%	79.28%	77.22%	75.86%	76.00%	77.73%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	29.53%	31.61%	35.19%	22.00%	24.27%	20.72%	22.78%	24.14%	24.00%	22.27%
Return on Invested Capital (ROIC)	7.10%	7.03%	7.07%	9.36%	2.54%	1.78%	4.73%	8.55%	6.73%	4.92%
ROIC Less NNEP Spread (ROIC-NNEP)	7.10%	7.03%	7.07%	9.36%	2.54%	1.78%	4.73%	8.55%	6.73%	4.92%
Return on Net Nonoperating Assets (RNNOA)	2.10%	2.34%	2.58%	2.70%	28.24%	12.46%	0.40%	0.38%	1.55%	1.60%
Return on Equity (ROE)	9.20%	9.37%	9.64%	12.06%	30.77%	14.23%	5.13%	8.94%	8.28%	6.52%
Cash Return on Invested Capital (CROIC)	-7.34%	-13.03%	1.61%	4.38%	-156.57%	144.71%	-43.12%	14.08%	-24.57%	15.66%
Operating Return on Assets (OROA)	1.36%	1.50%	1.70%	1.84%	2.15%	1.24%	0.93%	1.75%	1.63%	1.28%
Return on Assets (ROA)	0.96%	1.03%	1.10%	1.44%	1.63%	0.99%	0.72%	1.33%	1.24%	0.99%
Return on Common Equity (ROCE)	9.20%	9.37%	9.64%	12.06%	30.77%	14.23%	5.13%	8.94%	8.28%	6.52%
Return on Equity Simple (ROE_SIMPLE)	8.42%	8.86%	9.24%	11.33%	0.00%	7.12%	4.01%	9.14%	8.27%	6.42%
Net Operating Profit after Tax (NOPAT)	65	77	87	122	165	121	121	264	240	192
NOPAT Margin	22.34%	24.70%	25.51%	31.45%	32.49%	25.29%	23.85%	36.24%	32.76%	27.85%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	47.23%	45.66%	44.25%	41.77%	38.22%	40.86%	42.52%	36.25%	38.65%	42.87%
Operating Expenses to Revenue	67.79%	61.92%	59.78%	58.44%	55.92%	57.15%	65.53%	51.33%	53.72%	58.92%
Earnings before Interest and Taxes (EBIT)	92	112	135	156	218	153	157	348	315	247
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	104	126	150	172	240	173	165	379	349	286
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.26	1.74	1.69	1.53	1.16	2.64	1.63	2.17	1.99	1.87
Price to Tangible Book Value (P/TBV)	1.73	2.38	2.27	2.05	1.70	3.82	2.46	3.34	3.05	2.80
Price to Revenue (P/Rev)	3.33	4.85	4.66	4.25	3.91	9.37	9.70	8.60	7.89	8.10
Price to Earnings (P/E)	14.91	19.65	18.27	13.51	12.04	37.04	40.68	23.73	24.08	29.08
Dividend Yield	2.81%	2.03%	2.76%	2.55%	2.44%	2.82%	2.57%	2.67%	3.48%	3.55%
Earnings Yield	6.71%	5.09%	5.47%	7.40%	8.30%	2.70%	2.46%	4.21%	4.15%	3.44%
Enterprise Value to Invested Capital (EV/IC)	0.92	1.29	1.34	1.24	0.18	1.76	0.89	2.01	1.64	1.64
Enterprise Value to Revenue (EV/Rev)	3.10	5.00	4.99	4.27	4.21	7.17	5.58	8.27	9.25	8.80
Enterprise Value to EBITDA (EV/EBITDA)	8.64	12.28	11.34	9.61	8.91	19.86	17.20	15.87	19.35	21.19
Enterprise Value to EBIT (EV/EBIT)	9.79	13.85	12.67	10.59	9.82	22.48	18.08	17.31	21.45	24.55
Enterprise Value to NOPAT (EV/NOPAT)	13.90	20.26	19.54	13.58	12.97	28.35	23.42	22.82	28.23	31.59
Enterprise Value to Operating Cash Flow (EV/OCF)	10.08	16.71	13.02	11.64	9.89	53.14	14.89	14.29	24.41	26.39
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	85.90	29.00	0.00	0.35	0.00	13.85	0.00	9.93
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.27	0.39	0.34	0.24	0.00	0.14	0.05	0.04	0.42	0.23
Long-Term Debt to Equity	0.27	0.18	0.17	0.24	0.00	0.14	0.05	0.04	0.42	0.23
Financial Leverage	0.30	0.33	0.36	0.29	11.14	7.01	0.08	0.05	0.23	0.33
Leverage Ratio	9.61	9.12	8.73	8.39	18.86	14.45	7.12	6.73	6.68	6.58
Compound Leverage Factor	9.61	9.12	8.73	8.39	18.86	14.45	7.12	6.73	6.68	6.58
Debt to Total Capital	21.39%	27.95%	25.54%	19.42%	100.00%	12.53%	4.81%	3.78%	29.62%	18.98%
Short-Term Debt to Total Capital	0.00%	14.74%	12.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	21.39%	13.21%	12.70%	19.42%	100.00%	12.53%	4.81%	3.78%	29.62%	18.98%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	78.61%	72.05%	74.46%	80.58%	0.00%	87.48%	95.19%	96.22%	70.38%	81.02%
Debt to EBITDA	2.01	2.65	2.15	1.50	1.26	1.41	0.93	0.30	3.49	2.45
Net Debt to EBITDA	-0.63	0.37	0.74	0.05	0.63	-6.09	-12.68	-0.63	2.85	1.68
Long-Term Debt to EBITDA	2.01	1.25	1.07	1.50	1.26	1.41	0.93	0.30	3.49	2.45
Debt to NOPAT	3.23	4.38	3.71	2.13	1.84	2.01	1.26	0.43	5.09	3.65
Net Debt to NOPAT	-1.01	0.61	1.27	0.07	0.92	-8.69	-17.26	-0.91	4.15	2.51
Long-Term Debt to NOPAT	3.23	2.07	1.85	2.13	1.84	2.01	1.26	0.43	5.09	3.65
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-0.01%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-67	-142	20	57	-10,201	9,873	-1,103	435	-874	611
Operating Cash Flow to CapEx	967.51%	924.37%	697.29%	1,590.64%	1,693.30%	995.78%	759.94%	2,249.04%	1,760.82%	1,130.22%
Free Cash Flow to Firm to Interest Expense	-3.26	-7.56	1.08	2.23	-189.33	287.49	-80.43	14.69	-4.62	2.10
Operating Cash Flow to Interest Expense	4.34	4.94	7.14	5.55	4.02	1.88	13.87	14.23	1.46	0.79
Operating Cash Flow Less CapEx to Interest Expense	3.89	4.41	6.12	5.21	3.78	1.69	12.04	13.60	1.38	0.72
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.05	0.05	0.04	0.03	0.04	0.04	0.04
Fixed Asset Turnover	4.16	4.03	3.95	4.02	4.60	3.99	3.25	3.71	3.75	3.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	981	1,200	1,268	1,332	11,698	1,947	3,171	3,000	4,114	3,694
Invested Capital Turnover	0.32	0.28	0.28	0.30	0.08	0.07	0.20	0.24	0.21	0.18
Increase / (Decrease) in Invested Capital	132	219	67	65	10,366	-9,752	1,224	-171	1,114	-419
Enterprise Value (EV)	903	1,553	1,704	1,651	2,142	3,435	2,833	6,020	6,761	6,067
Market Capitalization	969	1,506	1,594	1,643	1,989	4,488	4,922	6,260	5,767	5,586
Book Value per Share	$29.43	$32.84	$34.39	$38.96	$0.00	$24.77	$45.79	$35.91	$31.72	$34.40
Tangible Book Value per Share	$21.31	$24.05	$25.60	$29.11	$0.00	$17.07	$30.35	$23.34	$20.73	$22.94
Total Capital	981	1,200	1,268	1,332	303	1,947	3,171	3,000	4,114	3,694
Total Debt	210	335	324	259	303	244	152	113	1,218	701
Total Long-Term Debt	210	159	161	259	303	244	152	113	1,218	701
Net Debt	-66	46	111	8.25	152	-1,053	-2,088	-240	994	481
Capital Expenditures (CapEx)	9.26	10	19	8.92	13	6.49	25	19	16	20
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	210	335	324	259	11,698	244	152	113	1,218	701
Total Depreciation and Amortization (D&A)	12	14	16	16	22	20	8.04	32	34	39
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.51	$2.90	$3.19	$4.41	$5.03	$3.64	$3.47	$5.69	$5.42	$4.52
Adjusted Weighted Average Basic Shares Outstanding	25.89M	26.40M	27.29M	27.59M	32.81M	33.26M	34.87M	46.37M	44.18M	42.50M
Adjusted Diluted Earnings per Share	$2.50	$2.90	$3.19	$4.40	$5.03	$3.64	$3.47	$5.69	$5.42	$4.52
Adjusted Weighted Average Diluted Shares Outstanding	25.96M	26.46M	27.37M	27.65M	32.86M	33.29M	34.89M	46.39M	44.19M	42.51M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$5.03	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.29M	27.04M	27.51M	28.12M	34.33M	66.04M	94.80M	90.13M	84.89M	42.61M
Normalized Net Operating Profit after Tax (NOPAT)	72	81	89	130	185	124	153	269	240	194
Normalized NOPAT Margin	24.91%	26.00%	26.15%	33.71%	36.42%	25.80%	30.06%	36.98%	32.76%	28.06%
Pre Tax Income Margin	31.70%	36.12%	39.36%	40.33%	42.90%	31.90%	30.88%	47.77%	43.10%	35.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.47	5.96	7.34	6.11	4.05	4.45	11.42	11.75	1.67	0.85
NOPAT to Interest Expense	3.15	4.08	4.76	4.76	3.07	3.53	8.82	8.92	1.27	0.66
EBIT Less CapEx to Interest Expense	4.02	5.43	6.31	5.76	3.81	4.26	9.60	11.12	1.58	0.78
NOPAT Less CapEx to Interest Expense	2.70	3.54	3.73	4.41	2.83	3.34	7.00	8.28	1.18	0.59
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	40.01%	38.52%	39.04%	33.03%	32.25%	50.21%	51.85%	35.53%	40.92%	50.08%
Augmented Payout Ratio	41.03%	39.43%	40.67%	34.15%	32.25%	128.69%	51.85%	88.58%	119.80%	66.21%

This table displays calculated financial ratios and metrics derived from Independent Bank's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	63.71%	32.26%	14.38%	6.10%	-3.86%	-11.71%	-10.61%	-7.12%	-4.45%	-0.18%	6.37%
EBITDA Growth	72.37%	24,231.71%	17.97%	1.30%	-14.39%	-27.61%	-19.81%	-15.62%	-26.76%	-9.06%	-7.44%
EBIT Growth	75.63%	9,046.03%	15.85%	0.67%	-15.70%	-29.29%	-23.16%	-19.77%	-30.99%	-11.26%	-8.53%
NOPAT Growth	79.71%	9,918.15%	15.35%	1.41%	-15.42%	-28.87%	-22.00%	-18.06%	-29.37%	-8.70%	-7.00%
Net Income Growth	79.71%	4,426.62%	15.35%	1.41%	-15.42%	-28.87%	-22.00%	-18.06%	-29.37%	-8.70%	-7.00%
EPS Growth	29.75%	1,300.00%	21.43%	7.58%	-12.10%	-25.00%	-17.65%	-14.79%	-26.81%	-6.35%	-7.14%
Operating Cash Flow Growth	241.74%	245.07%	-31.86%	-6.34%	-39.10%	-53.61%	-0.62%	-27.67%	-13.56%	-19.84%	-73.91%
Free Cash Flow Firm Growth	-940.85%	120.23%	203.75%	33.87%	5.42%	-527.28%	-222.02%	128.49%	132.22%	144.31%	101.57%
Invested Capital Growth	53.19%	-5.38%	0.00%	24.81%	32.59%	37.12%	0.00%	-3.82%	-6.31%	-10.19%	-0.42%
Revenue Q/Q Growth	10.44%	5.17%	-6.69%	-2.10%	0.07%	-3.41%	-5.52%	1.72%	2.93%	0.91%	0.67%
EBITDA Q/Q Growth	15.40%	4.74%	-16.91%	0.86%	-2.48%	-11.43%	-7.96%	6.13%	-15.35%	9.98%	-6.32%
EBIT Q/Q Growth	15.66%	5.49%	-18.90%	1.74%	-3.15%	-11.51%	-11.87%	6.24%	-16.69%	13.78%	-9.16%
NOPAT Q/Q Growth	16.38%	7.16%	-20.50%	2.28%	-2.93%	-9.88%	-12.83%	7.45%	-16.33%	16.50%	-11.21%
Net Income Q/Q Growth	16.38%	7.16%	-20.50%	2.28%	-2.93%	-9.88%	-12.83%	7.45%	-16.33%	16.50%	-11.21%
EPS Q/Q Growth	18.94%	7.01%	-19.05%	4.41%	-2.82%	-8.70%	-11.11%	8.04%	-16.53%	16.83%	-11.86%
Operating Cash Flow Q/Q Growth	37.68%	-13.55%	-55.38%	76.36%	-10.47%	-34.16%	-4.41%	28.36%	6.99%	-38.94%	-68.89%
Free Cash Flow Firm Q/Q Growth	8.58%	126.20%	1,177.31%	-121.61%	-30.76%	-18.38%	-264.75%	105.05%	47.88%	62.80%	-87.05%
Invested Capital Q/Q Growth	-2.62%	2.37%	-100.00%	0.00%	3.45%	5.86%	-4.96%	-7.60%	0.77%	1.48%	5.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	54.46%	54.24%	48.30%	49.76%	48.50%	44.47%	43.32%	45.20%	37.18%	40.51%	37.70%
EBIT Margin	49.83%	49.98%	43.44%	45.14%	43.69%	40.03%	37.34%	39.00%	31.56%	35.58%	32.11%
Profit (Net Income) Margin	37.68%	38.40%	32.71%	34.18%	33.15%	30.93%	28.54%	30.15%	24.51%	28.29%	24.95%
Tax Burden Percent	75.63%	76.82%	75.31%	75.70%	75.88%	77.28%	76.44%	77.31%	77.65%	79.51%	77.71%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	24.37%	23.18%	24.69%	24.30%	24.12%	22.72%	23.56%	22.69%	22.35%	20.49%	22.29%
Return on Invested Capital (ROIC)	10.56%	9.06%	0.00%	7.70%	7.34%	6.36%	10.38%	5.71%	4.49%	5.00%	4.48%
ROIC Less NNEP Spread (ROIC-NNEP)	10.56%	9.06%	0.00%	7.70%	7.34%	6.36%	10.38%	5.71%	4.49%	5.00%	4.48%
Return on Net Nonoperating Assets (RNNOA)	0.62%	0.41%	0.00%	1.40%	1.43%	1.46%	3.69%	1.58%	1.28%	1.63%	1.43%
Return on Equity (ROE)	11.19%	9.47%	0.00%	9.10%	8.77%	7.82%	14.08%	7.29%	5.77%	6.63%	5.91%
Cash Return on Invested Capital (CROIC)	-31.84%	14.08%	0.00%	-14.01%	-20.35%	-24.57%	-188.44%	9.72%	11.75%	15.66%	5.26%
Operating Return on Assets (OROA)	1.98%	1.83%	0.00%	1.75%	1.69%	1.51%	1.37%	1.40%	1.12%	1.27%	1.15%
Return on Assets (ROA)	1.49%	1.41%	0.00%	1.32%	1.28%	1.17%	1.05%	1.08%	0.87%	1.01%	0.89%
Return on Common Equity (ROCE)	11.19%	9.47%	0.00%	9.10%	8.77%	7.82%	14.08%	7.29%	5.77%	6.63%	5.91%
Return on Equity Simple (ROE_SIMPLE)	6.69%	0.00%	0.00%	9.56%	9.07%	0.00%	7.84%	7.36%	6.61%	0.00%	6.22%
Net Operating Profit after Tax (NOPAT)	72	77	61	63	61	55	48	51	43	50	44
NOPAT Margin	37.68%	38.40%	32.71%	34.18%	33.15%	30.93%	28.54%	30.15%	24.51%	28.29%	24.95%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	35.26%	34.28%	38.63%	38.48%	37.90%	40.56%	43.69%	43.38%	43.00%	42.50%	44.05%
Operating Expenses to Revenue	48.60%	47.28%	52.69%	52.13%	53.31%	56.87%	59.68%	58.51%	57.31%	60.18%	59.47%
Earnings before Interest and Taxes (EBIT)	95	100	81	83	80	71	62	66	55	63	57
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	104	109	90	91	89	79	73	77	65	72	67
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.99	2.17	0.00	1.39	1.50	1.99	1.63	1.49	1.73	1.87	0.88
Price to Tangible Book Value (P/TBV)	3.10	3.34	0.00	2.15	2.30	3.05	2.49	2.27	2.60	2.80	1.31
Price to Revenue (P/Rev)	8.24	8.60	3.73	5.21	5.73	7.89	6.60	6.25	7.46	8.10	3.81
Price to Earnings (P/E)	29.67	23.73	10.30	14.55	16.52	24.08	20.77	20.32	26.13	29.08	14.14
Dividend Yield	2.89%	2.67%	3.41%	5.06%	4.67%	3.48%	4.32%	4.43%	3.82%	3.55%	3.67%
Earnings Yield	3.37%	4.21%	9.71%	6.87%	6.05%	4.15%	4.81%	4.92%	3.83%	3.44%	7.07%
Enterprise Value to Invested Capital (EV/IC)	1.63	2.01	0.00	1.21	1.31	1.64	1.41	1.31	1.48	1.64	0.72
Enterprise Value to Revenue (EV/Rev)	7.02	8.27	0.00	5.99	6.76	9.25	7.73	6.79	7.80	8.80	4.02
Enterprise Value to EBITDA (EV/EBITDA)	17.65	15.87	0.00	11.57	13.45	19.35	16.59	14.95	18.35	21.19	10.01
Enterprise Value to EBIT (EV/EBIT)	19.36	17.31	0.00	12.70	14.82	21.45	18.56	16.94	21.10	24.55	11.63
Enterprise Value to NOPAT (EV/NOPAT)	19.36	22.82	0.00	16.73	19.50	28.23	24.33	22.09	27.35	31.59	14.90
Enterprise Value to Operating Cash Flow (EV/OCF)	14.06	14.29	0.00	11.67	15.06	24.41	19.88	18.85	22.38	26.39	14.64
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	13.85	0.00	0.00	0.00	0.00	0.00	13.24	12.18	9.93	13.71
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.04	0.04	0.00	0.32	0.35	0.42	0.36	0.24	0.22	0.23	0.28
Long-Term Debt to Equity	0.04	0.04	0.00	0.32	0.35	0.42	0.36	0.24	0.22	0.23	0.28
Financial Leverage	0.06	0.05	0.00	0.18	0.20	0.23	0.36	0.28	0.28	0.33	0.32
Leverage Ratio	7.49	6.73	0.00	6.88	6.85	6.68	6.70	6.72	6.61	6.58	6.63
Compound Leverage Factor	7.49	6.73	0.00	6.88	6.85	6.68	6.70	6.72	6.61	6.58	6.63
Debt to Total Capital	3.87%	3.78%	0.00%	23.99%	25.74%	29.62%	26.23%	19.19%	18.22%	18.98%	22.09%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	3.87%	3.78%	0.00%	23.99%	25.74%	29.62%	26.23%	19.19%	18.22%	18.98%	22.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	96.13%	96.22%	0.00%	76.01%	74.26%	70.38%	73.77%	80.81%	81.78%	81.02%	77.91%
Debt to EBITDA	0.42	0.30	0.00	2.29	2.64	3.49	3.09	2.19	2.26	2.45	3.06
Net Debt to EBITDA	-3.05	-0.63	0.00	1.50	2.06	2.85	2.43	1.20	0.81	1.68	0.51
Long-Term Debt to EBITDA	0.42	0.30	0.00	2.29	2.64	3.49	3.09	2.19	2.26	2.45	3.06
Debt to NOPAT	0.46	0.43	0.00	3.30	3.82	5.09	4.54	3.23	3.37	3.65	4.56
Net Debt to NOPAT	-3.34	-0.91	0.00	2.17	2.98	4.15	3.56	1.77	1.21	2.51	0.76
Long-Term Debt to NOPAT	0.46	0.43	0.00	3.30	3.82	5.09	4.54	3.23	3.37	3.65	4.56
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-946	248	3,165	-684	-894	-1,059	-3,862	195	288	469	61
Operating Cash Flow to CapEx	20,912.38%	5,954.62%	1,235.09%	3,739.76%	2,858.21%	850.10%	1,151.40%	1,763.34%	1,199.61%	678.32%	656.59%
Free Cash Flow to Firm to Interest Expense	-128.31	15.71	113.29	-14.82	-16.86	-17.06	-54.70	2.64	3.85	6.55	0.91
Operating Cash Flow to Interest Expense	18.10	7.31	1.84	1.97	1.53	0.86	0.72	0.89	0.94	0.60	0.20
Operating Cash Flow Less CapEx to Interest Expense	18.02	7.19	1.69	1.91	1.48	0.76	0.66	0.84	0.86	0.51	0.17
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.00	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
Fixed Asset Turnover	4.22	3.71	0.00	3.85	3.87	3.75	3.69	3.63	3.60	3.57	3.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,931	3,000	0.00	3,756	3,886	4,114	3,910	3,613	3,641	3,694	3,893
Invested Capital Turnover	0.28	0.24	0.00	0.23	0.22	0.21	0.36	0.19	0.18	0.18	0.18
Increase / (Decrease) in Invested Capital	1,018	-171	-3,104	747	955	1,114	3,910	-144	-245	-419	-16
Enterprise Value (EV)	4,769	6,020	0.00	4,563	5,104	6,761	5,499	4,742	5,383	6,067	2,812
Market Capitalization	5,592	6,260	2,802	3,970	4,324	5,767	4,695	4,362	5,145	5,586	2,669
Book Value per Share	$35.05	$35.91	$0.00	$30.69	$31.46	$31.72	$67.78	$33.56	$34.22	$34.40	$71.20
Tangible Book Value per Share	$22.46	$23.34	$0.00	$19.87	$20.50	$20.73	$44.24	$22.06	$22.74	$22.94	$47.82
Total Capital	2,931	3,000	0.00	3,756	3,886	4,114	3,910	3,613	3,641	3,694	3,893
Total Debt	113	113	0.00	901	1,000	1,218	1,025	693	663	701	860
Total Long-Term Debt	113	113	0.00	901	1,000	1,218	1,025	693	663	701	860
Net Debt	-823	-240	0.00	593	780	994	804	380	239	481	143
Capital Expenditures (CapEx)	0.64	1.94	4.17	2.43	2.84	6.29	4.44	3.72	5.86	6.32	2.03
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	113	113	0.00	901	1,000	1,218	1,025	693	663	701	860
Total Depreciation and Amortization (D&A)	8.84	8.55	9.10	8.46	8.81	7.87	10	11	9.84	8.72	9.95
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.57	$1.68	$0.00	$1.42	$0.00	$1.26	$1.12	$1.21	$1.01	$1.18	$1.04
Adjusted Weighted Average Basic Shares Outstanding	45.84M	46.37M	0.00	44.13M	0.00	44.18M	42.55M	42.47M	42.48M	42.50M	42.55M
Adjusted Diluted Earnings per Share	$1.57	$1.68	$0.00	$1.42	$0.00	$1.26	$1.12	$1.21	$1.01	$1.18	$1.04
Adjusted Weighted Average Diluted Shares Outstanding	45.86M	46.39M	0.00	44.14M	0.00	44.19M	42.57M	42.47M	42.49M	42.51M	42.57M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	45.64M	90.13M	0.00	44.14M	0.00	84.89M	42.47M	42.48M	42.49M	42.61M	42.62M
Normalized Net Operating Profit after Tax (NOPAT)	72	77	61	63	61	55	48	51	43	50	45
Normalized NOPAT Margin	37.68%	38.40%	32.71%	34.18%	33.15%	30.93%	28.54%	30.15%	24.51%	28.29%	25.46%
Pre Tax Income Margin	49.83%	49.98%	43.44%	45.14%	43.69%	40.03%	37.34%	39.00%	31.56%	35.58%	32.11%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	12.90	6.36	2.91	1.79	1.51	1.14	0.89	0.90	0.74	0.88	0.86
NOPAT to Interest Expense	9.76	4.88	2.19	1.36	1.15	0.88	0.68	0.69	0.57	0.70	0.67
EBIT Less CapEx to Interest Expense	12.81	6.24	2.76	1.74	1.46	1.04	0.82	0.85	0.66	0.79	0.83
NOPAT Less CapEx to Interest Expense	9.67	4.76	2.04	1.30	1.09	0.78	0.61	0.64	0.50	0.61	0.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.80%	35.53%	35.34%	35.30%	37.06%	40.92%	42.69%	44.87%	48.90%	50.08%	51.31%
Augmented Payout Ratio	120.05%	88.58%	130.20%	91.96%	82.89%	119.80%	86.91%	91.41%	99.67%	66.21%	51.31%

Financials Breakdown Chart

Key Financial Trends

Independent Bank (NASDAQ:INDB) has demonstrated relatively stable financial performance over the last four years with some fluctuations influenced by interest income, credit loss provisions, and operating expenses.

Key Positive Trends:

Net Interest Income has remained consistently strong, peaking at around $158.9 million in Q1 2023 and stabilizing around $145.5 million in the latest Q1 2025, showing a solid core banking revenue base.
Total Non-Interest Income also showed growth over the years, reaching $32.5 million in Q1 2025 compared to about $28.2 million in Q1 2023, supported by steady service charges and investment banking income.
Net Income attributable to common shareholders has remained solid, with Q1 2025 reporting $44.4 million and previous quarters often exceeding $50 million, indicating consistent profitability.
The Balance Sheet strength is evident with total assets exceeding $19.8 billion as of Q1 2025, up from approximately $19.3 billion in Q1 2023, showing asset growth primarily in cash and investment securities.
Shareholder equity has increased to over $3 billion by Q1 2025, compared to about $2.8 billion in early 2023, reflecting retained earnings growth.

Neutral Observations:

The number of outstanding shares has remained relatively stable in the low 40 million range, which supports stable earnings per share (EPS).
Dividend payments have slightly increased from $0.55 per share in early 2023 to $0.59 in Q1 2025, maintaining a steady dividend policy attractive to income investors.
Capital expenditures fluctuate quarterly but remain moderate relative to operating cash flow, indicating ongoing investments in property and equipment without excessive cash burn.
The company maintains a substantial goodwill and intangible asset base (~$995 million), typical for banking institutions following acquisitions but could be a monitoring point for impairment risk.
There is notable volatility in provisions for credit losses, ranging from $4.25 million to $19.5 million within recent quarters, suggesting sensitivity to credit risk environment but currently controlled.

Concerns and Negative Trends:

Interest expense on deposits and long-term debt has increased to nearly $66.4 million in Q1 2025 from $27.9 million in Q1 2023, reflecting higher funding costs that pressure net interest margins.
Total non-interest expenses remain high, approx. $105.9 million in Q1 2025, showing an increasing cost base mainly due to salaries, employee benefits, and other operating expenses that could constrain profit growth if not managed carefully.
Fluctuations in net cash from operating activities with a significant decrease observed from $133 million in Q4 2023 to $13.3 million in Q1 2025, indicating potentially less efficient earnings quality or changes in working capital.
There is a marked increase in long-term debt outstanding to about $860 million in Q1 2025 from around $526 million in Q1 2023, which raises leverage and interest expense risk.
The high volatility in net change in deposits each quarter reflects potential liquidity management challenges and sensitivity to customer behavior or market competition.

In summary, Independent Bank maintains a strong revenue base with solid profitability and asset growth. However, rising funding costs and operating expenses, alongside fluctuating provisions for credit losses, suggest caution as these factors could impact future earnings stability. Investors should monitor management's ability to control expenses and credit risks while sustaining deposit growth.

10/12/25 11:48 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Independent Bank's Financials

When does Independent Bank's fiscal year end?

According to the most recent income statement we have on file, Independent Bank's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Independent Bank's net income changed over the last 9 years?

Independent Bank's net income appears to be on an upward trend, with a most recent value of $192.08 million in 2024, rising from $64.96 million in 2015. The previous period was $239.50 million in 2023. See Independent Bank's forecast for analyst expectations on what’s next for the company.

How has Independent Bank's revenue changed over the last 9 years?

Over the last 9 years, Independent Bank's total revenue changed from $290.82 million in 2015 to $689.74 million in 2024, a change of 137.2%.

How much debt does Independent Bank have?

Independent Bank's total liabilities were at $16.38 billion at the end of 2024, a 0.4% decrease from 2023, and a 154.4% increase since 2015.

How much cash does Independent Bank have?

In the past 8 years, Independent Bank's cash and equivalents has ranged from $84.81 million in 2015 to $187.85 million in 2024, and is currently $187.85 million as of their latest financial filing in 2024.

How has Independent Bank's book value per share changed over the last 9 years?

Over the last 9 years, Independent Bank's book value per share changed from 29.43 in 2015 to 34.40 in 2024, a change of 16.9%.

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This page (NASDAQ:INDB) was last updated on 10/13/2025 by MarketBeat.com Staff

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Independent Bank (INDB) Financials

Financials Breakdown Chart

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Independent Bank (INDB) Financials

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