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Independent Bank (INDB)

Independent Bank Corp. is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named to The Boston Globe's 'Top Places to Work' 2020 list, an honor earned for the 12th consecutive year. In 2020, Rockland Trust was ranked the #1 Bank in Massachusetts according to Forbes World's Best Banks list. Rockland Trust has a longstanding commitment to equity and inclusion. This commitment is underscored by initiatives such as Diversity and Inclusion leadership training, a colleague Allyship mentoring program, numerous Employee Resource Groups focused on providing colleague support and education, reinforcing a culture of mutual respect and advancing professional development, and Rockland Trust's sponsorship of diverse community organizations through charitable giving and employee-based volunteerism. Rockland Trust is deeply committed to the communities it serves, as reflected in the overall 'Outstanding' rating received in its most recent Community Reinvestment Act performance evaluation. Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through approximately 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, Cape Cod and Islands, Worcester County, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.

Company profile

Ticker
INDB, IBCP
Exchange
CEO
Christopher Oddleifson
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
INDEPENDENT BANK CORP /MA/
SEC CIK
Subsidiaries
Rockland Trust Company • Blue Hills Funding Corporation ...
IRS number
42870273

INDB stock data

Calendar

4 Aug 22
18 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Aug 22 Miskell Eileen C Common Stock Sell Dispose S No No 87.8634 858 75.39K 12,646.536
16 Aug 22 Edward H Seksay Common Stock Sell Dispose S No No 88.2629 700 61.78K 7,336
15 Aug 22 Robert D Cozzone Common Stock Sell Dispose S No Yes 86.14 1,750 150.75K 24,783.156
1 Aug 22 Jones Kevin J Common Stock Gift Acquire G Yes No 0 623 0 6,525
1 Aug 22 Jones Kevin J Common Stock Gift Dispose G Yes No 0 623 0 6,402
27 Jul 22 Abelli Donna L Common Stock Sell Dispose S No No 83.1 750 62.33K 10,734.108
80.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 240 243 -1.2%
Opened positions 24 18 +33.3%
Closed positions 27 28 -3.6%
Increased positions 70 84 -16.7%
Reduced positions 89 77 +15.6%
13F shares Current Prev Q Change
Total value 3.04B 3.2B -5.1%
Total shares 37.66M 39.26M -4.1%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
BLK Blackrock 6.97M $553.92M -0.5%
Vanguard 5.44M $432.13M +0.3%
STT State Street 2.14M $171.45M -7.8%
Victory Capital Management 1.82M $144.37M -3.3%
Dimensional Fund Advisors 1.65M $130.98M -3.6%
TROW T. Rowe Price 1.61M $128.25M -2.9%
SAMG Silvercrest Asset Management 1.59M $126.11M -1.9%
Champlain Investment Partners 1.24M $98.47M -15.2%
Channing Capital Management 929.24K $73.81M +13.5%
Geode Capital Management 856.04K $68M +0.7%
Largest transactions Shares Bought/sold Change
HBCYF HSBC 66.22K -372.88K -84.9%
Champlain Investment Partners 1.24M -222.66K -15.2%
STT State Street 2.14M -180.87K -7.8%
American Century Companies 488.72K -161.58K -24.8%
LGEN Legal & General 0 -135.56K EXIT
Channing Capital Management 929.24K +110.86K +13.5%
Parametric Portfolio Associates 0 -102.18K EXIT
MS Morgan Stanley 294.9K +74.25K +33.7%
GS Goldman Sachs 715.01K -71.19K -9.1%
Victory Capital Management 1.82M -62.29K -3.3%

Financial report summary

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Competition
Veritex
Management Discussion
  • Net income for the three months ended June 30, 2022 was $61.8 million, or $1.32 on a diluted earnings per share basis, as compared to $37.6 million, or $1.14 on a diluted earnings per share basis, for the three months ended June 30, 2021, representing an increase of 64.4% and 15.8%, respectively. Full year-to-date net income for the six months ended June 30, 2022 was $114.9 million, or $2.44 on a diluted earnings per share basis, as compared to $79.3 million, or $2.40 on a diluted earnings per share basis, for the six months ended June 30, 2021, representing an increase of 44.9% and 1.7%, respectively. First half 2022 results reflect merger-related costs of $7.1 million, pre-tax, associated with the Meridian acquisition, as compared to $1.7 million during the same prior year period. Excluding these merger and acquisition costs, operating net income was $120.0 million, or $2.55 on a diluted per share basis, for the six months ended June 30, 2022, as compared to $80.5 million, or $2.44 on a diluted per share basis for the six months ended June 30, 2021. See "Non-GAAP Measures" below for a reconciliation of non-GAAP measures.

Content analysis

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Readability
H.S. sophomore Bad
New words: buyback, deal, function, mild, recession, repricing, stable
Removed: Blue, carryback, condensed, dated, disrupt, generated, NOL, relation