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

NASDAQ

Website

www.rocklandtrust.com

CEO

Christopher Oddleifson

Incorporated

Massachusetts

Location

Massachusetts

Fiscal year end

Dec 31

Sector

Finance and Insurance > Commercial Banking

Industry (SIC)

State Commercial Banks

Bank Of New York Mellon • State Street • Citizens Financial • Northern Trust • M & T Bank • Fifth Third Bancorp • Associated Banc-Corp. • First Citizens Bancshares, Inc • SVB Financial • Commerce Bancshares ...

Former names

INDEPENDENT BANK CORP /MA/

SEC CIK

0000776901

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

Rockland Trust Company • Blue Hills Funding Corporation ...

IRS number

42870273

INDB stock data

1M 1Y 5Y

News

From Benzinga Pro

Independent Bank Q2 EPS $1.32 Beats $1.25 Estimate

21 Jul 22

Independent Bank (NASDAQ:INDB) reported quarterly earnings of $1.32 per share which beat the analyst consensus estimate of $1.25 by 5.6 percent. This is a 12.82 percent increase over earnings of $1.17 per share from the

Earnings Scheduled For July 21, 2022

21 Jul 22

Companies Reporting Before The Bell • SAP (NYSE:SAP) is projected to report quarterly earnings at $1.15 per share on revenue of $7.56 billion.

Earnings Outlook For Independent Bank

20 Jul 22

Independent Bank (NASDAQ:INDB) is set to give its latest quarterly earnings report on Thursday, 2022-07-21. Here's what investors need to know before the announcement. Analysts estimate that Independent Bank will report an earnings per share (EPS) of $1.25.

Thursday Is Your Last Chance To Buy Independent Bank Before The Dividend Payout

21 Jun 22

Press releases

From Benzinga Pro

Independent Bank Corp. Reports Second Quarter Net Income of $61.8 Million

21 Jul 22

Performance driven by higher revenues Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2022 second quarter net income of $61.8 million, or $1.32 per diluted

Independent Bank Corp.'s Announcement of Date of Second Quarter Conference Call

11 Jul 22

Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, will host its quarterly conference call to discuss second quarter results on Friday, July 22, 2022, at 10:00 AM Eastern Time.

Independent Bank Corp. Announces Quarterly Dividend

16 Jun 22

The Board of Directors of Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced a $0.51 per share dividend. The dividend will be payable on July 8, 2022, to

Calendar

4 Aug 22

18 Aug 22

31 Dec 22

Financial summary

Financial statements Chart INDB financial data

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

Financial data from company earnings reports.

Recent insider trades

INDB insider ownership history Insider history

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

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q2 2022

INDB institutional ownership history Ownership history

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%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Financial report summary

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.