Independent Bank

INDB · Nasdaq · Financials · Financials, fiscal 2016 to 2025

INDB · Last close · November 6, 2026

$84.10

Independent Bank's revenue rose 24.3% to $858 million in fiscal 2025. Net income was $205 million, up 6.8%. Its return on equity was 6.2%, down from 6.5% a year earlier. Its efficiency ratio was 61.8%, up from 58.9% a year earlier. It paid out $165 million in dividends and buybacks. The diluted share count rose 8.7%.

INDEPENDENT BANK CORP Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0000776901-26-000058 Updated November 4, 2026

Revenue

$858M

24.3%

Net income

$205M

6.8%

Return on equity

6.2%

0.3 pts

Return on tangible equity

9.5%

0.4 pts

Efficiency ratio

61.8%

2.9 pts

Market cap

$4.0B

Nov 6 close

P/E

15.1x

On $5.58 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Independent Bank does

Independent Bank Corp. is the holding company for Rockland Trust, a Massachusetts bank founded in 1907. The bank offers everyday banking, lending, investment and wealth services to people and businesses through more than 150 retail branches, plus lending centers and investment management offices, mainly in Eastern Massachusetts, Worcester County, southern New Hampshire and Rhode Island. It also offers online, mobile and telephone banking.

Like most banks, it makes money mainly from the difference between the interest it earns on loans and securities and the interest it pays on deposits, plus fees for its services. Rockland Trust is its only reportable segment.

At the end of 2025 it had total assets of $24.9 billion, total deposits of $20.1 billion and stockholders' equity of $3.6 billion. On July 1, 2025 it completed its purchase of Enterprise Bancorp, paying part in its own shares and part in cash.

Its biggest risks, as it describes them

Changes in interest rates that squeeze the difference between what it earns and pays.
Loan losses if borrowers fall behind, especially in commercial real estate.
Failing to keep deposits and loan quality steady at banks it has bought, such as Enterprise.
Banking rules and policy changes that raise its costs or limit what it can do.
Cyberattacks or technology failures that disrupt service or expose customer data.

From Independent Bank's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both. Revenue is net of interest expense.

Revenue (left axis)Net income (right axis)

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

From fiscal 2016 to 2025, earnings per share grew 4.8% a year and net income 11.6% a year, as new shares raised the share count by 74% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Balance sheet

Loans and deposits

US$ billions, at each fiscal year end

Loans, netDeposits

Total assets and shareholders' equity

US$ billions, at each fiscal year end. Assets on the left axis, equity on the right.

Total assets (left axis)Equity (right axis)

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	13,440	13,776	14,136	—	—
Deposits	16,917	15,879	14,866	15,306	20,127
Loans to deposits	79.5%	86.8%	95.1%	—	—
Provision for credit losses	18	6	23	36	66
Provision to average loans	0.2%	0.1%	0.2%	—	—
Total assets	20,423	19,294	19,347	19,374	24,913
Shareholders' equity	3,018	2,887	2,895	2,993	3,566

US$ millions unless stated, at each fiscal year end.

Cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Independent Bank's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them. Every projected figure is yours: it is not a forecast of ours.

Open Independent Bank's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Independent Bank shares on the open market, and 6 insiders sold $15.3 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 25, 2026	Thomas R VenablesDirector	Sold	3,750	$83.00	$311,250	Form 4
Aug 3, 2026	Gerard F NadeauDirector	Sold	5,307	$84.69	$449,450	Form 4
May 18, 2026	Joseph C LernerDirector	Sold	2,832	$77.31	$218,942	Form 4
Feb 6, 2026	John J MorrisseyDirector	Sold	1,988	$85.70	$170,372	Form 4
Feb 4, 2026	Donna L AbelliDirector	Sold	524	$85.00	$44,517	Form 4
Dec 5, 2025	Thomas R VenablesDirector	Sold	405	$73.93	$29,942	Form 4
Dec 3, 2025	Gerard F NadeauDirector	Sold	2,000	$74.11	$148,220	Form 4
Nov 21, 2025	Gerard F NadeauDirector	Sold	3,000	$70.00	$210,000	Form 4
Nov 14, 2025	Ken S AnsinDirector	Sold	53,000	$69.06	$3.7 million	Form 4
Nov 10, 2025	Ken S AnsinDirector	Sold	144,000	$69.94	$10.1 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Independent Bank side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Independent Bank	FY25	24.3%	23.9%	6.2%	9.5%	61.8%
Provident Financial Services	FY25	25.3%	33.5%	10.7%	13.9%	52.7%	Compare
Intl Bancshares	FY25	1.0%	49.0%	13.6%	15.0%	36.4%	Compare
Pathward Financial	FY25	5.3%	22.1%	22.1%	34.5%	66.7%	Compare
First Hawaiian	FY25	8.9%	31.4%	10.3%	16.3%	56.7%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	310	342	387	508	479	507	728	731	690	858
Revenue growth	6.7%	10.2%	13.1%	31.5%	−5.8%	5.9%	43.5%	0.4%	−5.7%	24.3%
Net interest income	228	259	298	393	368	402	613	606	562	709
Noninterest income	82	83	88	115	111	106	115	125	128	149
Noninterest expense	192	204	226	284	274	332	374	393	406	530
Provision for credit losses	—	—	—	6	52	18	6	23	36	66
Net income	77	87	122	165	121	121	264	240	192	205
Diluted EPS (US$)	2.90	3.19	4.40	5.03	3.64	3.47	5.69	5.42	4.52	4.44
Diluted shares (millions)	26	27	28	33	33	35	46	44	42	46
Payouts
Dividends paid	30	34	40	53	61	63	94	98	96	104
Share buybacks	0	0	0	0	95	0	140	189	31	61
Balance sheet at fiscal year end
Loans, net	5,938	6,295	6,842	8,806	9,280	13,440	13,776	14,136	—	—
Deposits	6,412	6,729	7,427	9,147	10,993	16,917	15,879	14,866	15,306	20,127
Total assets	7,709	8,082	8,852	11,395	13,204	20,423	19,294	19,347	19,374	24,913
Shareholders' equity	865	944	1,074	1,708	1,703	3,018	2,887	2,895	2,993	3,566
Ratios
Return on equity	9.4%	9.6%	12.1%	11.9%	7.1%	5.1%	8.9%	8.3%	6.5%	6.2%
Return on tangible common equity	12.9%	13.3%	19.8%	19.1%	10.3%	7.6%	13.6%	12.7%	9.9%	9.5%
Return on assets	1.0%	1.1%	1.4%	1.6%	1.0%	0.7%	1.3%	1.2%	1.0%	0.9%
Efficiency ratio	61.9%	59.8%	58.4%	55.9%	57.1%	65.5%	51.3%	53.7%	58.9%	61.8%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Independent Bank's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Independent Bank.