INDEPENDENT BANK CORP INDB
Independent Bank Corp. (the "Company") is a state chartered, federally registered bank holding company headquartered in Rockland, Massachusetts that was incorporated under Massachusetts law in 1985. The Company is the sole stockholder of Rockland Trust Company ("Rockland Trust" or the "Bank"), a Massachusetts trust company chartered in 1907. The Bank provides a wide range of banking, investment and financial services, operating with over 150 retail branches, as well as a network of commercial and residential lending centers, and investment management offices primarily in Eastern Massachusetts, as well as in Worcester County, southern New Hampshire, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. At December 31, 2025, the Company had total assets of $24.9 billion, total deposits of $20.1 billion, and stockholders' equity of $3.6 billion.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.02B | $852.8M | $795.7M | $642.8M | $415.3M | $402.1M | $447.0M | $323.7M | $277.2M | $246.6M |
| Interest expense | $708.8M | $561.7M | $606.5M | $613.2M | $13.7M | $34.3M | $53.9M | $25.5M | $18.3M | $18.8M |
| Pre-tax income | $262.2M | $247.1M | $315.1M | $347.8M | $156.7M | $152.8M | $218.1M | $155.9M | $134.5M | $112.1M |
| Income tax | $57.0M | $55.0M | $75.6M | $83.9M | $35.7M | $31.7M | $52.9M | $34.3M | $47.3M | $35.4M |
| Net income | $205.1M | $192.1M | $239.5M | $263.8M | $121.0M | $121.2M | $165.2M | $121.6M | $87.2M | $76.6M |
| EPS, basic | 4.44 | 4.52 | 5.42 | 5.69 | 3.47 | 3.64 | 5.03 | 4.41 | 3.19 | 2.90 |
| EPS, diluted | 4.44 | 4.52 | 5.42 | 5.69 | 3.47 | 3.64 | 5.03 | 4.40 | 3.19 | 2.90 |
| Shares, diluted (wtd. avg.) | $46.2M | $42.5M | $44.2M | $46.4M | $34.9M | $33.3M | $32.9M | $27.7M | $27.4M | $26.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $771.9M | $219.9M | $224.3M | $352.9M | $2.24B | $1.30B | $151.0M | $127.5M | $103.5M | $97.2M |
| Property, plant and equipment | $218.2M | $193.3M | $193.0M | $196.5M | $195.6M | $116.4M | $123.7M | $97.6M | $94.7M | $78.5M |
| Goodwill | $1.09B | $985.1M | $985.1M | $985.1M | $985.1M | $506.2M | $506.2M | $506.2M | $256.1M | $221.5M |
| Other intangibles | $133.6M | $12.3M | $18.2M | $25.1M | $32.8M | $23.1M | $29.3M | $15.2M | $9.3M | $9.8M |
| Total assets | $24.91B | $19.37B | $19.35B | $19.29B | $20.42B | $13.20B | $11.40B | $8.85B | $8.08B | $7.71B |
| Short-term debt | — | — | — | — | — | — | $50.0M | — | — | — |
| Long-term debt | $359.3M | $62.9M | $112.8M | $112.7M | $126.7M | $145.3M | $187.4M | $110.9M | $107.8M | $107.7M |
| Total liabilities | $21.35B | $16.38B | $16.45B | $16.41B | $17.40B | $11.50B | $9.69B | $7.78B | $7.14B | $6.84B |
| Retained earnings | $1.27B | $1.17B | $1.08B | $934.4M | $766.7M | $716.0M | $654.2M | $546.7M | $465.9M | $414.1M |
| Total equity | $3.57B | $2.99B | $2.90B | $2.89B | $3.02B | $1.70B | $1.71B | $1.07B | $943.8M | $864.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $251.2M | $229.9M | $277.0M | $421.2M | $190.2M | $64.6M | $216.5M | $141.8M | $130.9M | $92.9M |
| Depreciation and amortisation | $22.5M | $19.9M | $18.9M | $18.4M | $12.5M | $12.8M | $11.4M | $9.1M | $8.5M | $7.3M |
| Stock-based compensation | $9.0M | $6.5M | $6.4M | $4.5M | $4.3M | $4.1M | $4.4M | $4.2M | $3.3M | $3.0M |
| Capital expenditure | $12.1M | $20.4M | $15.8M | $22.1M | $25.2M | $12.6M | $16.6M | $11.1M | $25.1M | $10.4M |
| Investing cash flow | $5.0M | -$33.0M | -$211.7M | -$1.00B | -$63.1M | -$488.2M | $20.2M | -$387.5M | -$316.8M | -$238.9M |
| Financing cash flow | $295.8M | -$201.4M | -$193.9M | -$1.31B | $817.0M | $1.57B | -$336.2M | $283.0M | $109.9M | $159.3M |
| Dividends paid | $103.9M | $96.2M | $98.0M | $93.7M | $62.7M | $60.8M | $53.3M | $40.2M | $34.0M | $29.7M |
| Buybacks | $60.8M | $31.0M | $188.9M | $139.9M | $0 | $95.1M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000776901-26-000058.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |