Independent Bank Corp. INDB R2K

Financial Services · Banks - Regional · United States

https://www.rocklandtrust.com

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. It provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit. The company also offers commercial real estate and construction, commercial and industrial, small business, secured and unsecured commercial, and consumer real estate loans; term loans and revolving/nonrevolving lines of credit; overdraft protection and letters of credit; and residential mortgages and home equity loans and lines. In addition, it provides cash management services, such as ACH transaction processing, positive pay, and remote deposit services; investment management and trust services to individuals, institutions, small businesses, and charitable institutions; interchange fees; ATM fees; mobile, online, and telephone banking; estate settlement, financial planning, tax services, and other services; debit and credit cards; and mutual fund and unit investment trust shares, third party model portfolios, general securities, fixed and variable annuities, and life insurance products, as well as advisory platforms. Further, the company invests in low-income housing tax credit projects; holds, maintains, and disposes foreclosed properties; and operates as an investment advisor. The company was founded in 1907 and is headquartered in Rockland, Massachusetts.

Market & Price

Market Cap

$3.82B

Current Price

$79.08

High / Low (52W)

$85.26 / $58.92

Beta

0.80

Valuation

Stock P/E

15.72

Industry PE

12.01

Forward P/E

9.47

PEG Ratio

11.00

Book Value

$72.33

Price to Book

1.09

P/S

4.35

EV/EBITDA

Dividend Yield

3.24%

Profitability & Returns

ROCE

ROE

7.32%

ROA

1.08%

Profit Margin

27.46%

Op Margin

47.55%

EPS (Latest Qtr)

$1.63

EPS (TTM)

$5.03

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

Current Ratio

Debt

$828.36M

Total Assets

$24.91B

Current Assets

Working Capital

Ownership

Promoter Holding

1.64%

Chg in Prom Hold

FII / Inst Holding

88.94%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$3.89B

Total Revenue (TTM)

$876.23M

EBITDA

Free Cash Flow

Operating Cash Flow

$355.04M

Shares Outstanding

48.25M

Gross Margin

0.00%

Payout Ratio

47.91%

Growth (CAGR)

Revenue 5Y

5.64%

Profit 5Y

-8.05%

Revenue (YoY)

51.60%

Earnings (YoY)

56.70%

PROS

Excellent profit margin of 27.5%.
Attractive dividend yield of 3.24%.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

Earnings shrank at -8.0% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	INDB Independent Bank Corp. R2K	79.08	15.72	$3.82B	3.24%	-	7.32%	5.64%	-8.05%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	176.11M	179.82M	243.74M	245.44M	250.32M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	66.42M	70.70M	91.41M	85.05M	77.81M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	57.17M	65.81M	44.39M	94.81M	104.30M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12.74M	14.71M	10.12M	19.48M	24.38M
Net Income	18.59M	19.45M	18.61M	20.37M	20.48M	17.18M	20.73M	20.56M	23.85M	22.06M	27.55M	31.12M	33.02M	29.93M	35.23M	30.63M	51.84M	47.48M	26.75M	24.90M	34.87M	34.64M	41.71M	37.57M	40.01M	53.10M	61.78M	71.90M	61.25M	62.64M	60.81M	47.77M	51.33M	-	-	44.42M	51.10M	34.26M	75.33M	79.92M
Diluted EPS	0.71	0.74	0.71	0.77	0.78	0.64	0.76	0.75	0.87	0.80	1.00	1.13	1.20	1.07	1.25	0.89	1.51	1.38	0.78	0.76	1.06	1.05	1.26	1.14	1.21	1.12	1.32	1.57	1.36	1.42	1.38	1.12	1.21	-	-	1.04	1.20	0.69	1.52	1.63

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	720.25M	722.13M	683.11M	849.03M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	29.59M	189.21M	291.02M	313.57M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	347.75M	315.13M	247.13M	262.17M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	83.94M	75.63M	55.05M	57.05M
Net Income	22.99M	40.24M	45.44M	42.63M	50.25M	59.84M	64.96M	76.65M	87.20M	121.62M	165.18M	121.17M	-	263.81M	239.50M	192.08M	205.12M
Diluted EPS	0.88	1.90	2.12	1.95	2.18	2.49	2.50	2.90	3.19	4.40	5.03	3.64	-	5.69	5.42	4.52	4.44

Compounded Sales Growth

5 Years:	5.64%
1 Year:	51.60%

Compounded Profit Growth

5 Years:	-8.05%
1 Year:	56.70%

Stock Price Performance

1 Year:	+33.06%
6 Months:	+9.02%
3 Months:	+2.18%
1 Month:	+2.63%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	4.70B	4.97B	5.76B	6.10B	6.36B	7.21B	7.71B	8.08B	8.85B	11.40B	13.20B	-	19.29B	19.35B	19.37B	24.91B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Equivalents	-	-	-	-	-	-	-	-	-	-	-	-	-	-	352.93M	224.33M	219.89M	771.90M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Liabilities	-	-	4.26B	4.50B	5.23B	5.51B	5.72B	6.44B	6.84B	7.14B	7.78B	9.69B	11.50B	-	16.41B	16.45B	16.38B	21.35B
Current Liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt	-	-	-	181.47M	154.13M	153.91M	188.69M	107.89M	107.74M	107.75M	110.90M	187.35M	145.32M	-	113.38M	1.22B	701.37M	775.89M
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	113.38M	1.22B	701.37M	825.85M
Total Equity	305.27M	412.65M	436.47M	469.06M	529.32M	591.54M	640.53M	771.46M	864.69M	943.81M	1.07B	1.71B	1.70B	-	2.89B	2.90B	2.99B	3.57B
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	-	-	45.64M	42.95M	42.50M	49.24M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	31.42M	46.65M	56.47M	43.95M	141.34M	90.31M	89.54M	92.90M	130.91M	141.84M	216.52M	64.64M	-	421.20M	276.99M	229.92M	251.16M
Investing Cash Flow	205.18M	-163.78M	-190.77M	-267.94M	-208.60M	-292.67M	-205.54M	-238.89M	-316.77M	-387.51M	20.16M	-488.21M	-	-1.00B	-211.65M	-33.01M	5.05M
Financing Cash Flow	-164.80M	156.51M	210.52M	201.96M	68.11M	164.30M	213.51M	159.32M	109.88M	283.01M	-336.16M	1.57B	-	-1.31B	-193.95M	-201.35M	295.80M
Capital Expenditure	-6.60M	-7.02M	-8.32M	-6.26M	-9.29M	-7.68M	-10.49M	-10.39M	-25.08M	-11.11M	-16.58M	-12.59M	-	-22.07M	-15.84M	-20.43M	-12.13M
Free Cash Flow	24.82M	39.63M	48.15M	37.69M	132.04M	82.63M	79.06M	82.50M	105.83M	130.73M	199.94M	52.05M	-	399.13M	261.15M	209.49M	239.03M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-	-	-1.89B	-128.60M	-4.44M	552.01M
Share Buybacks	-	-	-	-	-	-	-	-	-	0	0	95.09M	0	139.95M	188.91M	30.99M	60.85M

Ratios (Annual)

Figures in %.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	36.6%	33.2%	28.1%	24.2%
ROE %	5.6%	9.2%	9.7%	8.1%	8.5%	9.3%	8.4%	8.9%	9.2%	11.3%	9.7%	7.1%	-	9.1%	8.3%	6.4%	5.8%
ROCE %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Shareholding Pattern

Insiders

1.64%

Institutions

88.94%

Public Float

90.42%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	14.78%	7.14M	$564.82M
2	Vanguard Portfolio Management LLC	6.84%	3.31M	$261.37M
3	Dimensional Fund Advisors LP	5.32%	2.57M	$203.23M
4	State Street Corporation	5.18%	2.50M	$197.80M
5	Vanguard Capital Management LLC	4.55%	2.20M	$174.04M
6	Rockland Trust Company	3.04%	1.47M	$116.28M
7	Alliancebernstein L.P.	3.01%	1.46M	$115.13M
8	Geode Capital Management, LLC	2.61%	1.26M	$99.92M
9	Deprince, Race & Zollo, Inc.	2.14%	1.04M	$81.94M
10	Citadel Advisors Llc	2.04%	985.44K	$77.93M

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