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Independent Bank (INDB) Financials

Independent Bank logo
$77.19 +1.03 (+1.35%)
As of 10:05 AM Eastern
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Annual Income Statements for Independent Bank

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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 65 77 87 122 165 121 121 264 240 192 205
Consolidated Net Income / (Loss)		 65 77 87 122 165 121 121 264 240 192 205
Net Income / (Loss) Continuing Operations		 65 77 87 122 165 121 121 264 240 192 205
Total Pre-Tax Income 		92 112 135 156 218 153 157 348 315 247 262
Total Revenue		 291 310 342 387 508 479 507 728 731 690 858
Net Interest Income / (Expense)		 215 228 259 298 393 368 402 613 607 562 709
Total Interest Income		 236 247 277 324 447 402 415 643 796 853 1,022
Loans and Leases Interest Income		 215 224 253 294 412 371 382 578 730 790 923
Investment Securities Interest Income		 20 21 23 27 32 30 30 50 60 57 80
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 20
Total Interest Expense		 21 19 18 26 54 34 14 30 189 291 314
Deposits Interest Expense		 12 11 13 20 41 27 8.33 25 145 247 274
Long-Term Debt Interest Expense		 9.04 7.65 5.63 5.54 13 7.01 5.39 4.94 44 44 39
Total Non-Interest Income		 76 82 83 89 115 111 106 115 125 128 149
Service Charges on Deposit Accounts		 19 19 18 18 20 15 17 23 23 26 32
Other Service Charges		 28 32 33 36 55 50 44 43 47 48 52
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 5.53
Investment Banking Income		 21 22 24 26 29 29 35 37 40 43 50
Other Non-Interest Income		 3.69 4.09 4.13 4.06 5.01 5.36 6.43 7.69 7.87 8.09 9.43
Provision for Credit Losses		 1.50 6.08 2.95 4.78 6.00 53 18 6.50 23 36 65
Total Non-Interest Expense		 197 192 204 226 284 274 333 374 393 406 530
Salaries and Employee Benefits		 105 109 117 124 149 152 173 205 222 234 287
Net Occupancy & Equipment Expense		 28 28 30 32 40 43 43 59 60 62 69
Property & Liability Insurance Claims		 3.98 3.38 3.07 2.77 1.39 2.52 3.98 6.95 12 11 13
Other Operating Expenses		 45 41 44 48 56 64 66 88 91 92 105
Amortization Expense		 - - 2.71 2.34 6.38 6.14 5.72 7.66 6.88 5.91 17
Restructuring Charge		 11 5.46 3.39 11 26 0.00 41 7.10 0.00 1.90 40
Income Tax Expense		 27 35 47 34 53 32 36 84 76 55 57
Basic Earnings per Share		 $2.51 $2.90 $3.19 $4.41 $5.03 $3.64 $3.47 $5.69 $5.42 $4.52 $4.44
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 46.17M
Diluted Earnings per Share		 $2.50 $2.90 $3.19 $4.40 $5.03 $3.64 $3.47 $5.69 $5.42 $4.52 $4.44
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 46.19M
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 48.99M
Cash Dividends to Common per Share		 $1.04 - - $1.52 $0.00 $1.84 $1.92 $2.08 $2.20 $2.28 $2.36

Quarterly Income Statements for Independent Bank

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 61 55 48 51 43 50 44 51 34 75 80
Consolidated Net Income / (Loss)		 61 55 48 51 43 50 44 51 34 75 80
Net Income / (Loss) Continuing Operations		 61 55 48 51 43 50 44 51 34 75 80
Total Pre-Tax Income 		80 71 62 66 55 63 57 66 44 95 104
Total Revenue		 183 177 167 170 175 177 178 182 244 254 253
Net Interest Income / (Expense)		 150 145 137 138 142 145 146 147 203 212 212
Total Interest Income		 203 207 208 212 217 216 212 218 295 298 290
Loans and Leases Interest Income		 187 192 193 197 201 198 195 198 264 266 261
Investment Securities Interest Income		 15 15 14 14 14 15 15 16 24 25 25
Federal Funds Sold and Securities Borrowed Interest Income		 0.91 0.30 0.48 0.40 1.64 3.15 1.44 4.39 7.25 6.69 3.66
Total Interest Expense		 53 62 71 74 75 72 66 71 91 85 78
Deposits Interest Expense		 41 49 54 61 67 64 59 60 81 74 67
Long-Term Debt Interest Expense		 12 13 16 12 7.84 7.47 6.98 11 11 11 11
Total Non-Interest Income		 34 32 30 32 34 32 33 34 40 41 40
Service Charges on Deposit Accounts		 5.94 6.13 6.23 6.33 6.78 7.12 7.05 7.14 8.85 9.10 9.25
Other Service Charges		 13 13 12 13 13 12 11 12 14 14 13
Net Realized & Unrealized Capital Gains on Investments		 2.77 0.98 0.34 0.47 1.13 0.63 1.04 1.72 1.22 1.55 1.26
Investment Banking Income		 10 9.82 9.94 11 11 11 11 11 14 14 14
Other Non-Interest Income		 1.98 2.09 1.93 2.00 2.01 2.15 2.07 2.04 2.63 2.70 2.71
Provision for Credit Losses		 5.50 5.50 5.00 4.25 20 7.50 15 7.20 39 4.75 5.50
Total Non-Interest Expense		 98 101 100 100 100 106 106 109 161 154 143
Salaries and Employee Benefits		 55 56 57 57 60 59 62 63 81 82 81
Net Occupancy & Equipment Expense		 15 15 16 15 15 16 17 16 18 19 21
Property & Liability Insurance Claims		 2.73 3.94 2.98 2.69 2.63 2.59 2.99 2.37 3.08 4.06 3.33
Other Operating Expenses		 24 25 22 22 21 27 22 22 28 33 28
Amortization Expense		 1.71 1.64 1.56 1.47 1.46 1.42 1.34 1.20 7.32 7.05 6.89
Restructuring Charge		 - - 0.00 0.00 0.00 - 1.16 2.24 24 12 3.02
Income Tax Expense		 19 16 15 15 12 13 13 15 10 19 24
Basic Earnings per Share		 $1.38 $1.26 $1.12 $1.21 $1.01 $1.18 $1.04 $1.20 $0.69 $1.51 $1.63
Weighted Average Basic Shares Outstanding		 44.14M 44.18M 42.55M 42.47M 42.48M 42.50M 42.55M 42.62M 49.93M 46.17M 48.97M
Diluted Earnings per Share		 $1.38 $1.26 $1.12 $1.21 $1.01 $1.18 $1.04 $1.20 $0.69 $1.51 $1.63
Weighted Average Diluted Shares Outstanding		 44.15M 44.19M 42.57M 42.47M 42.49M 42.51M 42.57M 42.64M 49.96M 46.19M 49.00M
Weighted Average Basic & Diluted Shares Outstanding		 43.85M 84.89M 42.47M 42.48M 42.49M 42.61M 42.62M 49.92M 49.58M 48.99M 48.33M
Cash Dividends to Common per Share		 $0.55 $0.55 $1.14 $0.57 $0.57 $0.57 $0.59 $0.59 $0.59 $0.59 $0.64

Annual Cash Flow Statements for Independent Bank

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 98 13 -76 37 -99 1,146 944 -1,888 -129 -4.44 552
Net Cash From Operating Activities		 90 93 131 142 217 65 190 421 277 230 251
Net Cash From Continuing Operating Activities		 90 93 131 142 217 65 190 421 277 230 251
Net Income / (Loss) Continuing Operations		 65 77 87 122 165 121 121 264 240 192 205
Consolidated Net Income / (Loss)		 65 77 87 122 165 121 121 264 240 192 205
Provision For Loan Losses		 1.50 6.08 2.95 4.78 6.00 53 18 6.50 23 36 65
Depreciation Expense		 12 14 16 16 19 27 33 39 36 41 42
Amortization Expense		 - - -0.08 0.37 2.69 -7.13 -25 -7.12 -1.86 -1.74 -1.98
Non-Cash Adjustments to Reconcile Net Income		 8.86 -2.12 8.61 -6.26 -15 -35 -25 -23 -18 -27 -33
Changes in Operating Assets and Liabilities, net		 1.91 -1.62 17 5.71 39 -94 68 142 -1.77 -10 -27
Net Cash From Investing Activities		 -206 -239 -317 -388 20 -488 -63 -1,000 -212 -33 5.05
Net Cash From Continuing Investing Activities		 -206 -239 -317 -388 20 -488 -63 -1,000 -212 -33 5.05
Purchase of Property, Leasehold Improvements and Equipment		 -10 -10 -25 -11 -17 -13 -25 -22 -16 -20 -12
Purchase of Investment Securities		 -380 -406 -442 -552 -111 -859 -1,209 -1,296 -410 -399 -591
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 0.30
Sale and/or Maturity of Investments		 184 177 144 171 144 377 1,171 314 214 387 608
Net Cash From Financing Activities		 214 159 110 283 -336 1,569 817 -1,308 -194 -201 296
Net Cash From Continuing Financing Activities		 214 159 110 283 -336 1,569 817 -1,308 -194 -201 296
Net Change in Deposits		 348 246 158 279 -206 1,846 1,484 -1,037 -1,014 440 458
Issuance of Debt		 - - 0.00 0.00 174 - - - 0.00 0.00 346
Issuance of Common Equity		 - - - - -1.46 -1.19 -1.25 -1.08 -1.14 - -1.46
Repayment of Debt		 -39 -66 0.00 -24 -110 -77 -605 -14 0.00 -50 -60
Repurchase of Common Equity		 -0.66 -0.70 -1.42 -1.37 0.00 -95 0.00 -140 -189 -31 -61
Payment of Dividends		 -26 -30 -34 -40 -53 -61 -63 -94 -98 -96 -104
Other Financing Activities, Net		 -69 8.96 -12 70 -140 -43 1.97 -23 1,108 -464 -282
Cash Interest Paid		 21 19 19 25 50 37 14 26 183 292 307
Cash Income Taxes Paid		 12 33 33 28 40 48 23 44 44 51 35

Quarterly Cash Flow Statements for Independent Bank

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -88 4.20 -3.01 93 111 -205 497 184 9.56 -139 -43
Net Cash From Operating Activities		 81 54 51 66 70 43 13 107 52 79 117
Net Cash From Continuing Operating Activities		 81 54 51 66 70 43 13 107 52 79 117
Net Income / (Loss) Continuing Operations		 61 55 48 51 43 50 44 51 34 75 80
Consolidated Net Income / (Loss)		 61 55 48 51 43 50 44 51 34 75 80
Provision For Loan Losses		 5.50 5.50 5.00 4.25 20 7.50 15 7.20 39 4.75 5.50
Depreciation Expense		 9.19 8.53 10 11 10 9.39 10 9.16 13 9.89 10
Amortization Expense		 -0.38 -0.66 -0.27 -0.33 -0.47 -0.67 -0.34 -0.33 -0.52 -0.79 -0.32
Non-Cash Adjustments to Reconcile Net Income		 -6.37 -3.50 -2.96 -2.01 -3.46 -19 -3.63 -5.31 -9.64 -14 -12
Changes in Operating Assets and Liabilities, net		 13 -11 -8.69 1.51 1.41 -4.34 -52 45 -23 3.95 34
Net Cash From Investing Activities		 -56 19 16 16 63 -128 -20 -15 73 -33 13
Net Cash From Continuing Investing Activities		 -56 19 16 16 63 -128 -20 -15 73 -33 13
Purchase of Property, Leasehold Improvements and Equipment		 -2.90 -6.30 -4.46 -3.73 -5.86 -6.38 -2.03 -4.22 -2.48 -3.41 -5.60
Purchase of Investment Securities		 -97 -28 -62 -66 -18 -254 -110 -112 -213 -162 -90
Sale and/or Maturity of Investments		 43 53 82 86 86 132 92 101 288 132 108
Net Cash From Financing Activities		 -113 -69 -70 11 -22 -120 504 92 -115 -185 -173
Net Cash From Continuing Financing Activities		 -113 -69 -70 11 -22 -120 504 92 -115 -185 -173
Net Change in Deposits		 -189 -194 178 366 31 -135 370 218 39 -169 -29
Issuance of Debt		 - - 0.00 - - - 296 -0.65 - 50 50
Repurchase of Common Equity		 - -69 -31 - - - 0.00 - -23 -37 -63
Payment of Dividends		 -24 -24 -24 -24 -24 -24 -24 -25 -25 -29 -29
Other Financing Activities, Net		 100 220 -143 -331 -29 40 -139 -100 -46 2.53 -101

Annual Balance Sheets for Independent Bank

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 2014 2015 2016 2017 2018 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 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 12/31/2025
Total Assets		 6,365 7,209 7,709 8,082 8,852 13,204 20,423 19,294 19,347 19,374 24,913
Cash and Due from Banks		 143 85 97 103 128 169 142 176 179 188 230
Interest Bearing Deposits at Other Banks		 35 191 192 110 123 1,127 2,099 177 45 32 542
Trading Account Securities		 724 845 852 947 1,075 1,162 2,690 3,132 2,931 2,719 3,310
Loans and Leases, Net of Allowance		 4,916 5,492 5,938 6,295 -64 9,258 -147 -152 -142 -170 -190
Allowance for Loan and Lease Losses		 55 56 62 61 64 113 147 152 142 170 190
Loans Held for Sale		 6.89 5.99 6.14 4.77 6.43 58 13,440 13,776 6.37 - 36
Premises and Equipment, Net		 64 76 78 95 98 116 196 197 193 193 218
Goodwill		 170 201 222 232 256 506 985 985 985 985 1,091
Intangible Assets		 9.89 12 9.85 9.34 15 23 33 25 18 12 134
Other Assets		 296 302 315 287 7,215 762 839 826 14,990 15,244 19,353
Total Liabilities & Shareholders' Equity		 6,365 7,209 7,709 8,082 8,852 13,204 20,423 19,294 19,347 19,374 24,913
Total Liabilities		 5,724 6,438 6,845 7,138 7,778 11,502 17,405 16,407 16,452 16,380 21,347
Interest Bearing Deposits		 5,210 5,991 6,412 6,729 7,427 10,993 16,917 15,879 14,866 15,306 20,127
Short-Term Debt		 - - 177 163 - - - - - 0.00 50
Long-Term Debt		 209 210 159 161 259 244 152 113 1,218 701 776
Other Long-Term Liabilities		 305 237 97 85 92 327 336 415 368 373 395
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 641 771 865 944 1,073 1,703 3,018 2,887 2,895 2,993 3,566
Total Preferred & Common Equity		 641 771 865 944 1,073 1,703 3,018 2,887 2,895 2,993 3,566
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 641 771 865 944 1,073 1,703 3,018 2,887 2,895 2,993 3,566
Common Stock		 309 402 448 475 523 943 2,246 2,112 1,929 1,907 2,333
Retained Earnings		 330 368 414 466 547 716 767 934 1,077 1,173 1,269
Accumulated Other Comprehensive Income / (Loss)		 -2.13 -2.45 -1.34 -1.83 -1.17 41 2.18 -163 -115 -90 -40
Other Equity Adjustments		 3.67 3.96 4.28 4.59 4.72 3.20 3.15 3.23 3.30 3.38 3.45

Quarterly Balance Sheets for Independent Bank

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 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 19,703 19,401 19,368 19,325 19,411 19,408 19,888 20,049 24,993 24,784
Cash and Due from Banks		 173 182 177 165 193 199 215 219 203 223
Interest Bearing Deposits at Other Banks		 764 126 43 56 121 225 502 682 707 506
Trading Account Securities		 3,152 3,023 2,974 2,846 2,766 2,766 2,720 2,695 3,325 3,372
Loans and Leases, Net of Allowance		 -147 -141 -141 -147 -151 -164 -144 -145 -190 -191
Allowance for Loan and Lease Losses		 147 141 141 147 151 164 144 145 190 191
Loans Held for Sale		 - 6.58 4.00 11 18 16 8.52 17 17 17
Premises and Equipment, Net		 198 194 192 193 191 192 190 189 221 218
Goodwill		 985 985 985 985 985 985 985 985 1,083 1,091
Intangible Assets		 27 22 20 17 15 14 11 9.74 142 127
Other Assets		 14,404 14,863 14,974 15,052 15,122 15,011 15,257 15,252 19,294 19,231
Total Liabilities & Shareholders' Equity		 19,703 19,401 19,368 19,325 19,411 19,408 19,888 20,049 24,993 24,784
Total Liabilities		 16,886 16,546 16,483 16,440 16,492 16,431 16,855 16,974 21,446 21,242
Interest Bearing Deposits		 16,339 15,248 15,060 15,043 15,410 15,441 15,676 15,894 20,296 20,098
Short-Term Debt		 - - - - - - - - - 100
Long-Term Debt		 113 901 1,000 1,025 693 663 860 759 775 676
Other Long-Term Liabilities		 434 397 423 372 389 327 319 321 375 368
Commitments & Contingencies		 0.00 0.00 0.00 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 3,075 3,547 3,542
Total Preferred & Common Equity		 2,817 2,855 2,885 2,884 2,919 2,977 3,033 3,075 3,547 3,542
Preferred Stock		 0.00 0.00 0.00 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 3,075 3,547 3,542
Common Stock		 2,111 1,995 1,997 1,899 1,902 1,904 1,908 1,912 2,368 2,270
Retained Earnings		 883 1,010 1,046 1,101 1,128 1,147 1,192 1,218 1,223 1,318
Accumulated Other Comprehensive Income / (Loss)		 -179 -153 -161 -119 -114 -77 -70 -58 -48 -49
Other Equity Adjustments		 3.24 3.29 3.34 3.40 3.35 3.40 3.52 3.46 3.51 3.62

Annual Metrics And Ratios for Independent Bank

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 2025
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 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 42,500,611.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 42,500,611.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 4.83
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 9.34% 6.69% 10.18% 13.11% 31.49% -5.76% 5.89% 43.46% 0.44% -5.66% 24.32%
EBITDA Growth		 9.01% 21.00% 18.82% 14.44% 39.74% -28.00% -4.77% 130.36% -7.92% -18.06% 5.61%
EBIT Growth		 10.07% 21.59% 20.05% 15.89% 39.88% -29.93% 2.51% 121.96% -9.38% -21.58% 6.09%
NOPAT Growth		 8.55% 17.99% 13.77% 39.47% 35.81% -26.64% -0.14% 118.04% -9.22% -19.80% 6.79%
Net Income Growth		 8.55% 17.99% 13.77% 39.47% 35.81% -26.64% -0.14% 118.04% -9.22% -19.80% 6.79%
EPS Growth		 0.40% 16.00% 10.00% 37.93% 14.32% -27.63% -4.67% 63.98% -4.75% -16.61% -1.77%
Operating Cash Flow Growth		 -0.84% 3.75% 40.92% 8.35% 52.66% -70.15% 194.29% 121.43% -34.24% -16.99% 9.24%
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% -180.49%
Invested Capital Growth		 15.56% 22.29% 5.61% 5.10% 778.12% -83.36% 62.89% -5.38% 37.12% -10.19% 18.87%
Revenue Q/Q Growth		 2.26% 1.91% 2.78% 3.77% 2.59% 0.48% 6.91% 7.21% -3.11% -0.05% 9.88%
EBITDA Q/Q Growth		 5.66% -1.71% 9.20% 0.73% 28.35% -19.35% -24.73% 40.45% -7.92% -2.43% 11.95%
EBIT Q/Q Growth		 6.40% -2.48% 9.88% 0.78% 23.50% -18.42% -22.81% 41.16% -8.53% -3.13% 13.84%
NOPAT Q/Q Growth		 5.66% -2.88% 5.93% 6.92% -6.47% -35.32% -40.39% 7.09% -8.50% -2.42% 14.07%
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% 14.07%
EPS Q/Q Growth		 3.31% -3.33% 5.63% 6.28% 18.35% -18.20% -25.38% 47.03% -7.19% -1.74% 8.03%
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% 16.76%
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% 1.98%
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% 1.60%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 35.93% 40.75% 43.94% 44.46% 47.25% 36.10% 32.46% 52.13% 47.79% 41.50% 35.26%
EBIT Margin		 31.70% 36.12% 39.36% 40.33% 42.90% 31.90% 30.88% 47.77% 43.10% 35.83% 30.57%
Profit (Net Income) Margin		 22.34% 24.70% 25.51% 31.45% 32.49% 25.29% 23.85% 36.24% 32.76% 27.85% 23.92%
Tax Burden Percent		 70.47% 68.39% 64.81% 78.00% 75.73% 79.28% 77.22% 75.86% 76.00% 77.73% 78.24%
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		 29.53% 31.61% 35.19% 22.00% 24.27% 20.72% 22.78% 24.14% 24.00% 22.27% 21.76%
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% 5.07%
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% 5.07%
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% 1.18%
Return on Equity (ROE)		 9.20% 9.37% 9.64% 12.06% 30.77% 14.23% 5.13% 8.94% 8.28% 6.52% 6.25%
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% -12.17%
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% 1.18%
Return on Assets (ROA)		 0.96% 1.03% 1.10% 1.44% 1.63% 0.99% 0.72% 1.33% 1.24% 0.99% 0.93%
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% 6.25%
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% 5.75%
Net Operating Profit after Tax (NOPAT)		 65 77 87 122 165 121 121 264 240 192 205
NOPAT Margin		 22.34% 24.70% 25.51% 31.45% 32.49% 25.29% 23.85% 36.24% 32.76% 27.85% 23.92%
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		 47.23% 45.66% 44.25% 41.77% 38.22% 40.86% 42.52% 36.25% 38.65% 42.87% 41.55%
Operating Expenses to Revenue		 67.79% 61.92% 59.78% 58.44% 55.92% 57.15% 65.53% 51.33% 53.72% 58.92% 61.79%
Earnings before Interest and Taxes (EBIT)		 92 112 135 156 218 153 157 348 315 247 262
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 104 126 150 172 240 173 165 379 349 286 302
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 1.74
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 2.65
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 7.24
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 30.28
Dividend Yield		 2.81% 2.03% 2.76% 2.55% 2.44% 2.82% 2.57% 2.67% 3.48% 3.55% 3.23%
Earnings Yield		 6.71% 5.09% 5.47% 7.40% 8.30% 2.70% 2.46% 4.21% 4.15% 3.44% 3.30%
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 1.43
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 7.31
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 20.72
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 23.89
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 30.54
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 24.94
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 0.00
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 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 0.22
Financial Leverage		 0.30 0.33 0.36 0.29 11.14 7.01 0.08 0.05 0.23 0.33 0.23
Leverage Ratio		 9.61 9.12 8.73 8.39 18.86 14.45 7.12 6.73 6.68 6.58 6.75
Compound Leverage Factor		 9.61 9.12 8.73 8.39 18.86 14.45 7.12 6.73 6.68 6.58 6.75
Debt to Total Capital		 21.39% 27.95% 25.54% 19.42% 100.00% 12.53% 4.81% 3.78% 29.62% 18.98% 18.81%
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% 1.14%
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% 17.67%
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		 78.61% 72.05% 74.46% 80.58% 0.00% 87.48% 95.19% 96.22% 70.38% 81.02% 81.19%
Debt to EBITDA		 2.01 2.65 2.15 1.50 1.26 1.41 0.93 0.30 3.49 2.45 2.73
Net Debt to EBITDA		 -0.63 0.37 0.74 0.05 0.63 -6.09 -12.68 -0.63 2.85 1.68 0.18
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 2.57
Debt to NOPAT		 3.23 4.38 3.71 2.13 1.84 2.01 1.26 0.43 5.09 3.65 4.03
Net Debt to NOPAT		 -1.01 0.61 1.27 0.07 0.92 -8.69 -17.26 -0.91 4.15 2.51 0.26
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 3.78
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -0.01% 0.00% 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 -492
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% 2,121.28%
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 -1.57
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 0.80
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 0.76
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.05 0.05 0.04 0.03 0.04 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 4.17
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 981 1,200 1,268 1,332 11,698 1,947 3,171 3,000 4,114 3,694 4,392
Invested Capital Turnover		 0.32 0.28 0.28 0.30 0.08 0.07 0.20 0.24 0.21 0.18 0.21
Increase / (Decrease) in Invested Capital		 132 219 67 65 10,366 -9,752 1,224 -171 1,114 -419 697
Enterprise Value (EV)		 903 1,553 1,704 1,651 2,142 3,435 2,833 6,020 6,761 6,067 6,264
Market Capitalization		 969 1,506 1,594 1,643 1,989 4,488 4,922 6,260 5,767 5,586 6,210
Book Value per Share		 $29.43 $32.84 $34.39 $38.96 $0.00 $24.77 $45.79 $35.91 $31.72 $34.40 $41.96
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 $27.55
Total Capital		 981 1,200 1,268 1,332 303 1,947 3,171 3,000 4,114 3,694 4,392
Total Debt		 210 335 324 259 303 244 152 113 1,218 701 826
Total Long-Term Debt		 210 159 161 259 303 244 152 113 1,218 701 776
Net Debt		 -66 46 111 8.25 152 -1,053 -2,088 -240 994 481 54
Capital Expenditures (CapEx)		 9.26 10 19 8.92 13 6.49 25 19 16 20 12
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)		 210 335 324 259 11,698 244 152 113 1,218 701 826
Total Depreciation and Amortization (D&A)		 12 14 16 16 22 20 8.04 32 34 39 40
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 $4.44
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 46.17M
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 $4.44
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 46.19M
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 $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 48.99M
Normalized Net Operating Profit after Tax (NOPAT)		 72 81 89 130 185 124 153 269 240 194 236
Normalized NOPAT Margin		 24.91% 26.00% 26.15% 33.71% 36.42% 25.80% 30.06% 36.98% 32.76% 28.06% 27.54%
Pre Tax Income Margin		 31.70% 36.12% 39.36% 40.33% 42.90% 31.90% 30.88% 47.77% 43.10% 35.83% 30.57%
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 0.84
NOPAT to Interest Expense		 3.15 4.08 4.76 4.76 3.07 3.53 8.82 8.92 1.27 0.66 0.65
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 0.80
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 0.62
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% 50.65%
Augmented Payout Ratio		 41.03% 39.43% 40.67% 34.15% 32.25% 128.69% 51.85% 88.58% 119.80% 66.21% 80.32%

Quarterly Metrics And Ratios for Independent Bank

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 42,500,611.00 42,610,271.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 42,500,611.00 42,610,271.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.77 1.88
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -3.86% -11.71% -10.61% -7.12% -4.45% -0.18% 6.37% 6.78% 39.08% 43.58% 41.94%
EBITDA Growth		 -14.39% -27.61% -19.81% -15.62% -26.76% -9.06% -7.44% -3.02% -13.02% 45.03% 70.14%
EBIT Growth		 -15.70% -29.29% -23.16% -19.77% -30.99% -11.26% -8.53% -0.88% -19.75% 50.66% 82.46%
NOPAT Growth		 -15.42% -28.87% -22.00% -18.06% -29.37% -8.70% -7.00% -0.45% -20.22% 50.57% 79.90%
Net Income Growth		 -15.42% -28.87% -22.00% -18.06% -29.37% -8.70% -7.00% -0.45% -20.22% 50.57% 79.90%
EPS Growth		 -12.10% -25.00% -17.65% -14.79% -26.81% -6.35% -7.14% -0.83% -31.68% 27.97% 56.73%
Operating Cash Flow Growth		 -39.10% -53.61% -0.62% -27.67% -13.56% -19.84% -73.91% 62.56% -25.73% 84.04% 778.56%
Free Cash Flow Firm Growth		 5.42% -527.28% -222.02% 128.49% 132.22% 144.31% 101.57% -187.52% -324.67% -232.52% -668.00%
Invested Capital Growth		 32.59% 37.12% 0.00% -3.82% -6.31% -10.19% -0.42% 6.14% 18.73% 18.87% 10.92%
Revenue Q/Q Growth		 0.07% -3.41% -5.52% 1.72% 2.93% 0.91% 0.67% 2.11% 34.07% 4.18% -0.48%
EBITDA Q/Q Growth		 -2.48% -11.43% -7.96% 6.13% -15.35% 9.98% -6.32% 11.19% -24.07% 83.37% 9.90%
EBIT Q/Q Growth		 -3.15% -11.51% -11.87% 6.24% -16.69% 13.78% -9.16% 15.11% -32.55% 113.60% 10.01%
NOPAT Q/Q Growth		 -2.93% -9.88% -12.83% 7.45% -16.33% 16.50% -11.21% 15.03% -32.95% 119.88% 6.08%
Net Income Q/Q Growth		 -2.93% -9.88% -12.83% 7.45% -16.33% 16.50% -11.21% 15.03% -32.95% 119.88% 6.08%
EPS Q/Q Growth		 -2.82% -8.70% -11.11% 8.04% -16.53% 16.83% -11.86% 15.38% -42.50% 118.84% 7.95%
Operating Cash Flow Q/Q Growth		 -10.47% -34.16% -4.41% 28.36% 6.99% -38.94% -68.89% 699.87% -51.12% 51.32% 48.50%
Free Cash Flow Firm Q/Q Growth		 -30.76% -18.38% -264.75% 105.05% 47.88% 62.80% -87.05% -380.70% -279.64% 3.97% 44.49%
Invested Capital Q/Q Growth		 3.45% 5.86% -4.96% -7.60% 0.77% 1.48% 5.38% -1.52% 12.73% 1.60% -1.67%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 48.50% 44.47% 43.32% 45.20% 37.18% 40.51% 37.70% 41.05% 23.25% 40.92% 45.19%
EBIT Margin		 43.69% 40.03% 37.34% 39.00% 31.56% 35.58% 32.11% 36.20% 18.21% 37.34% 41.27%
Profit (Net Income) Margin		 33.15% 30.93% 28.54% 30.15% 24.51% 28.29% 24.95% 28.11% 14.06% 29.67% 31.62%
Tax Burden Percent		 75.88% 77.28% 76.44% 77.31% 77.65% 79.51% 77.71% 77.65% 77.19% 79.46% 76.62%
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		 24.12% 22.72% 23.56% 22.69% 22.35% 20.49% 22.29% 22.35% 22.81% 20.54% 23.38%
Return on Invested Capital (ROIC)		 7.34% 6.36% 10.38% 5.71% 4.49% 5.00% 4.48% 5.37% 2.76% 6.29% 7.18%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.34% 6.36% 10.38% 5.71% 4.49% 5.00% 4.48% 5.37% 2.76% 6.29% 7.18%
Return on Net Nonoperating Assets (RNNOA)		 1.43% 1.46% 3.69% 1.58% 1.28% 1.63% 1.43% 1.30% 0.61% 1.47% 1.79%
Return on Equity (ROE)		 8.77% 7.82% 14.08% 7.29% 5.77% 6.63% 5.91% 6.68% 3.36% 7.76% 8.97%
Cash Return on Invested Capital (CROIC)		 -20.35% -24.57% -188.44% 9.72% 11.75% 15.66% 5.26% -0.89% -12.61% -12.17% -4.49%
Operating Return on Assets (OROA)		 1.69% 1.51% 1.37% 1.40% 1.12% 1.27% 1.15% 1.31% 0.64% 1.45% 1.72%
Return on Assets (ROA)		 1.28% 1.17% 1.05% 1.08% 0.87% 1.01% 0.89% 1.01% 0.49% 1.15% 1.32%
Return on Common Equity (ROCE)		 8.77% 7.82% 14.08% 7.29% 5.77% 6.63% 5.91% 6.68% 3.36% 7.76% 8.97%
Return on Equity Simple (ROE_SIMPLE)		 9.07% 0.00% 7.84% 7.36% 6.61% 0.00% 6.22% 6.13% 5.07% 0.00% 6.79%
Net Operating Profit after Tax (NOPAT)		 61 55 48 51 43 50 44 51 34 75 80
NOPAT Margin		 33.15% 30.93% 28.54% 30.15% 24.51% 28.29% 24.95% 28.11% 14.06% 29.67% 31.62%
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		 37.90% 40.56% 43.69% 43.38% 43.00% 42.50% 44.05% 44.33% 40.57% 39.44% 40.08%
Operating Expenses to Revenue		 53.31% 56.87% 59.68% 58.51% 57.31% 60.18% 59.47% 59.84% 65.99% 60.79% 56.55%
Earnings before Interest and Taxes (EBIT)		 80 71 62 66 55 63 57 66 44 95 104
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 89 79 73 77 65 72 67 75 57 104 114
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.50 1.99 1.63 1.49 1.73 1.87 0.88 1.74 1.66 1.74 1.04
Price to Tangible Book Value (P/TBV)		 2.30 3.05 2.49 2.27 2.60 2.80 1.31 2.57 2.53 2.65 1.58
Price to Revenue (P/Rev)		 5.73 7.89 6.60 6.25 7.46 8.10 3.81 7.50 7.53 7.24 3.95
Price to Earnings (P/E)		 16.52 24.08 20.77 20.32 26.13 29.08 14.14 28.34 32.68 30.28 15.31
Dividend Yield		 4.67% 3.48% 4.32% 4.43% 3.82% 3.55% 3.67% 3.69% 3.38% 3.23% 3.20%
Earnings Yield		 6.05% 4.15% 4.81% 4.92% 3.83% 3.44% 7.07% 3.53% 3.06% 3.30% 6.53%
Enterprise Value to Invested Capital (EV/IC)		 1.31 1.64 1.41 1.31 1.48 1.64 0.72 1.36 1.33 1.43 0.86
Enterprise Value to Revenue (EV/Rev)		 6.76 9.25 7.73 6.79 7.80 8.80 4.02 7.30 7.36 7.31 4.00
Enterprise Value to EBITDA (EV/EBITDA)		 13.45 19.35 16.59 14.95 18.35 21.19 10.01 18.67 21.26 20.72 10.68
Enterprise Value to EBIT (EV/EBIT)		 14.82 21.45 18.56 16.94 21.10 24.55 11.63 21.56 24.93 23.89 12.06
Enterprise Value to NOPAT (EV/NOPAT)		 19.50 28.23 24.33 22.09 27.35 31.59 14.90 27.59 31.93 30.54 15.51
Enterprise Value to Operating Cash Flow (EV/OCF)		 15.06 24.41 19.88 18.85 22.38 26.39 14.64 22.30 26.69 24.94 10.51
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 13.24 12.18 9.93 13.71 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.35 0.42 0.36 0.24 0.22 0.23 0.28 0.25 0.22 0.23 0.22
Long-Term Debt to Equity		 0.35 0.42 0.36 0.24 0.22 0.23 0.28 0.25 0.22 0.22 0.19
Financial Leverage		 0.20 0.23 0.36 0.28 0.28 0.33 0.32 0.24 0.22 0.23 0.25
Leverage Ratio		 6.85 6.68 6.70 6.72 6.61 6.58 6.63 6.58 6.81 6.75 6.79
Compound Leverage Factor		 6.85 6.68 6.70 6.72 6.61 6.58 6.63 6.58 6.81 6.75 6.79
Debt to Total Capital		 25.74% 29.62% 26.23% 19.19% 18.22% 18.98% 22.09% 19.81% 17.94% 18.81% 17.98%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.14% 2.32%
Long-Term Debt to Total Capital		 25.74% 29.62% 26.23% 19.19% 18.22% 18.98% 22.09% 19.81% 17.94% 17.67% 15.66%
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		 74.26% 70.38% 73.77% 80.81% 81.78% 81.02% 77.91% 80.19% 82.06% 81.19% 82.02%
Debt to EBITDA		 2.64 3.49 3.09 2.19 2.26 2.45 3.06 2.73 2.87 2.73 2.22
Net Debt to EBITDA		 2.06 2.85 2.43 1.20 0.81 1.68 0.51 -0.51 -0.50 0.18 0.14
Long-Term Debt to EBITDA		 2.64 3.49 3.09 2.19 2.26 2.45 3.06 2.73 2.87 2.57 1.94
Debt to NOPAT		 3.82 5.09 4.54 3.23 3.37 3.65 4.56 4.03 4.31 4.03 3.23
Net Debt to NOPAT		 2.98 4.15 3.56 1.77 1.21 2.51 0.76 -0.75 -0.75 0.26 0.20
Long-Term Debt to NOPAT		 3.82 5.09 4.54 3.23 3.37 3.65 4.56 4.03 4.31 3.78 2.81
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)		 -894 -1,059 -3,862 195 288 469 61 -171 -647 -622 -345
Operating Cash Flow to CapEx		 2,858.21% 850.10% 1,151.40% 1,763.34% 1,199.61% 678.32% 656.59% 2,530.09% 2,103.39% 2,538.10% 2,091.68%
Free Cash Flow to Firm to Interest Expense		 -16.86 -17.06 -54.70 2.64 3.85 6.55 0.91 -2.41 -7.08 -7.31 -4.44
Operating Cash Flow to Interest Expense		 1.53 0.86 0.72 0.89 0.94 0.60 0.20 1.51 0.57 0.93 1.51
Operating Cash Flow Less CapEx to Interest Expense		 1.48 0.76 0.66 0.84 0.86 0.51 0.17 1.45 0.54 0.89 1.43
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Fixed Asset Turnover		 3.87 3.75 3.69 3.63 3.60 3.57 3.66 3.75 3.78 4.17 4.57
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,886 4,114 3,910 3,613 3,641 3,694 3,893 3,834 4,322 4,392 4,318
Invested Capital Turnover		 0.22 0.21 0.36 0.19 0.18 0.18 0.18 0.19 0.20 0.21 0.23
Increase / (Decrease) in Invested Capital		 955 1,114 3,910 -144 -245 -419 -16 222 682 697 425
Enterprise Value (EV)		 5,104 6,761 5,499 4,742 5,383 6,067 2,812 5,200 5,742 6,264 3,731
Market Capitalization		 4,324 5,767 4,695 4,362 5,145 5,586 2,669 5,342 5,877 6,210 3,684
Book Value per Share		 $31.46 $31.72 $67.78 $33.56 $34.22 $34.40 $71.20 $36.19 $41.74 $41.96 $72.31
Tangible Book Value per Share		 $20.50 $20.73 $44.24 $22.06 $22.74 $22.94 $47.82 $24.48 $27.32 $27.55 $47.46
Total Capital		 3,886 4,114 3,910 3,613 3,641 3,694 3,893 3,834 4,322 4,392 4,318
Total Debt		 1,000 1,218 1,025 693 663 701 860 759 775 826 776
Total Long-Term Debt		 1,000 1,218 1,025 693 663 701 860 759 775 776 676
Net Debt		 780 994 804 380 239 481 143 -142 -135 54 47
Capital Expenditures (CapEx)		 2.84 6.29 4.44 3.72 5.86 6.32 2.03 4.22 2.48 3.11 5.60
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)		 1,000 1,218 1,025 693 663 701 860 759 775 826 776
Total Depreciation and Amortization (D&A)		 8.81 7.87 10 11 9.84 8.72 9.95 8.83 12 9.10 9.89
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $1.26 $1.12 $1.21 $1.01 $1.18 $1.04 $1.20 $0.69 $1.51 $1.63
Adjusted Weighted Average Basic Shares Outstanding		 0.00 44.18M 42.55M 42.47M 42.48M 42.50M 42.55M 42.62M 49.93M 46.17M 48.97M
Adjusted Diluted Earnings per Share		 $0.00 $1.26 $1.12 $1.21 $1.01 $1.18 $1.04 $1.20 $0.69 $1.51 $1.63
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 44.19M 42.57M 42.47M 42.49M 42.51M 42.57M 42.64M 49.96M 46.19M 49.00M
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		 0.00 84.89M 42.47M 42.48M 42.49M 42.61M 42.62M 49.92M 49.58M 48.99M 48.33M
Normalized Net Operating Profit after Tax (NOPAT)		 61 55 48 51 43 50 45 53 53 85 82
Normalized NOPAT Margin		 33.15% 30.93% 28.54% 30.15% 24.51% 28.29% 25.46% 29.06% 21.62% 33.53% 32.54%
Pre Tax Income Margin		 43.69% 40.03% 37.34% 39.00% 31.56% 35.58% 32.11% 36.20% 18.21% 37.34% 41.27%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.51 1.14 0.89 0.90 0.74 0.88 0.86 0.93 0.49 1.11 1.34
NOPAT to Interest Expense		 1.15 0.88 0.68 0.69 0.57 0.70 0.67 0.72 0.37 0.89 1.03
EBIT Less CapEx to Interest Expense		 1.46 1.04 0.82 0.85 0.66 0.79 0.83 0.87 0.46 1.08 1.27
NOPAT Less CapEx to Interest Expense		 1.09 0.78 0.61 0.64 0.50 0.61 0.64 0.66 0.35 0.85 0.96
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 37.06% 40.92% 42.69% 44.87% 48.90% 50.08% 51.31% 51.87% 54.90% 50.65% 45.19%
Augmented Payout Ratio		 82.89% 119.80% 86.91% 91.41% 99.67% 66.21% 51.31% 51.87% 67.89% 80.32% 96.77%

Financials Breakdown Chart

Key Financial Trends

Independent Bank (INDB) has shown notable near-term improvement in Q4 2025 versus the prior year period, highlighted by stronger net interest income and revenue, supported by a stable capital base. Over the four-year window, the bank has also demonstrated asset growth and improving profitability trends, though non-interest expenses remain a meaningful consideration for earnings quality.

  • Net interest income rose to $212.49 million in Q4 2025, up from $144.66 million in Q4 2024, reflecting stronger loan and investment income.
  • Total revenue increased to $253.93 million in Q4 2025 from $176.85 million in Q4 2024, driven by higher net interest income and non-interest income.
  • Non-interest income grew to $41.44 million in Q4 2025 from $32.19 million in Q4 2024, broadening the bank’s income mix.
  • Net income (consolidated) rose to $75.34 million in Q4 2025, up from $60.81 million in Q4 2024, supporting earnings growth.
  • Diluted earnings per share (EPS) increased to $1.51 in Q4 2025 from $1.18 in Q4 2024, signaling improved profitability per share.
  • Cash dividends per share rose to $0.59 in Q4 2025, up from $0.55 in Q4 2024, reflecting ongoing shareholder returns.
  • Provision for credit losses declined to $4.75 million in Q4 2025 after a higher level in Q3 2025 ($38.52 million), indicating improved credit quality at year-end.
  • Net cash from continuing operating activities reached $78.94 million in Q4 2025, up from $42.89 million in Q4 2024, signaling healthier cash flow generation.
  • Total assets expanded to about $24.99 billion by Q3 2025, up from roughly $20.05 billion in Q2 2025, indicating balance sheet growth.
  • Total common equity hovered around $3.55 billion in Q3 2025, supporting a solid capitalization base and financial flexibility.
05/14/26 10:06 AM ETAI Generated. May Contain Errors.

Independent Bank Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Independent Bank's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Independent Bank's net income appears to be on an upward trend, with a most recent value of $205.12 million in 2025, rising from $64.96 million in 2015. The previous period was $192.08 million in 2024. See Independent Bank's forecast for analyst expectations on what's next for the company.

Over the last 10 years, Independent Bank's total revenue changed from $290.82 million in 2015 to $857.52 million in 2025, a change of 194.9%.

Independent Bank's total liabilities were at $21.35 billion at the end of 2025, a 30.3% increase from 2024, and a 272.9% increase since 2014.

In the past 10 years, Independent Bank's cash and equivalents has ranged from $84.81 million in 2015 to $229.77 million in 2025, and is currently $229.77 million as of their latest financial filing in 2025.

Over the last 10 years, Independent Bank's book value per share changed from 29.43 in 2015 to 41.96 in 2025, a change of 42.6%.


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Financial statements for NASDAQ:INDB last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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