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.


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________________________ 
FORM 10-Q
___________________________________________________
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number:1-9047
___________________________________________________
Independent Bank Corp.
(Exact name of registrant as specified in its charter)
 ___________________________________________________
MA04-2870273
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
Office Address:2036 Washington Street,Hanover,MA02339
Mailing Address:288 Union Street,Rockland,MA02370
(Address of principal executive offices, including zip code)
(781) 878-6100
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each ClassTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par value per shareINDBThe Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large Accelerated FilerxAccelerated Filer☐
Non-accelerated Filer☐Smaller Reporting Company☐
Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)Yes☐No☒
As of November 1, 2023, there were 43,853,307 shares of the issuer’s common stock outstanding, par value $0.01 per share.




Table of Contents
 PAGE
Notes to Consolidated Financial Statements - September 30, 2023
3
4
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements

INDEPENDENT BANK CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited—Dollars in thousands)
 
September 30
2023		December 31
2022
Assets
Cash and due from banks$176,930 $175,843 
Interest-earning deposits with banks43,198 177,090 
Securities
Trading4,476 3,888 
Equity21,475 21,119 
Available for sale (amortized cost $1,524,555 and $1,566,779)
1,353,744 1,399,154 
Held to maturity (fair value $1,384,430 and $1,524,710)
1,594,279 1,705,120 
Total securities2,973,974 3,129,281 
Loans held for sale (at fair value)3,998 2,803 
Loans
Commercial and industrial1,653,003 1,635,103 
Commercial real estate7,896,230 7,760,230 
Commercial construction965,442 1,154,413 
Small business245,335 219,102 
Residential real estate2,338,102 2,035,524 
Home equity - first position529,938 566,166 
Home equity - subordinate positions565,617 522,584 
Other consumer30,568 35,553 
   Total loans14,224,235 13,928,675 
Less: allowance for credit losses(140,569)(152,419)
Net loans14,083,666 13,776,256 
Federal Home Loan Bank stock43,878 5,218 
Bank premises and equipment, net191,560 196,504 
Goodwill985,072 985,072 
Other intangible assets19,825 25,068 
Cash surrender value of life insurance policies295,670 293,323 
Other assets 550,338 527,716 
Total assets$19,368,109 $19,294,174 
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing demand deposits$4,796,148 $5,441,584 
Savings and interest checking accounts5,398,322 5,898,009 
Money market2,852,293 3,343,673 
Time certificates of deposit2,012,763 1,195,741 
Total deposits15,059,526 15,879,007 
Borrowings
Federal Home Loan Bank borrowings887,548 637 
Junior subordinated debentures (less unamortized debt issuance costs of $31 and $33)
62,857 62,855 
5
Subordinated debentures (less unamortized debt issuance costs of $43 and $115)
49,957 49,885 
Total borrowings1,000,362 113,377 
Other liabilities422,813 415,089 
Total liabilities16,482,701 16,407,473 
Commitments and contingencies— — 
Stockholders' equity
Preferred stock, $0.01 par value, authorized: 1,000,000 shares, outstanding: none
— — 
Common stock, $0.01 par value, authorized: 75,000,000 shares,
issued and outstanding: 44,141,973 shares at September 30, 2023 and 45,641,238 shares at December 31, 2022 (includes 162,464 and 135,712 shares of unvested participating restricted stock awards, respectively)
440 455 
Value of shares held in rabbi trust at cost: 81,943 shares at September 30, 2023 and 80,965 shares at December 31, 2022
(3,335)(3,227)
Deferred compensation and other retirement benefit obligations3,335 3,227 
Additional paid in capital1,999,448 2,114,888 
Retained earnings1,046,266 934,442 
Accumulated other comprehensive loss, net of tax(160,746)(163,084)
Total stockholders’ equity2,885,408 2,886,701 
Total liabilities and stockholders' equity$19,368,109 $19,294,174 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

6

INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited—Dollars in thousands, except per share data)
Three Months EndedNine Months Ended
September 30September 30
 2023202220232022
Interest income
Interest and fees on loans$187,145 $150,157 $537,830 $413,770 
Taxable interest and dividends on securities14,817 13,243 45,707 34,567 
Nontaxable interest and dividends on securities1 1 4 4 
Interest on loans held for sale60 51 133 150 
Interest on federal funds sold and short-term investments905 6,519 4,882 10,222 
Total interest and dividend income202,928 169,971 588,556 458,713 
Interest expense
Interest on deposits40,713 6,109 95,297 10,327 
Interest on borrowings12,335 1,261 31,835 3,492 
Total interest expense53,048 7,370 127,132 13,819 
Net interest income149,880 162,601 461,424 444,894 
Provision for credit losses5,500 3,000 17,750 1,000 
Net interest income after provision for credit losses144,380 159,601 443,674 443,894 
Noninterest income
Deposit account fees5,936 6,261 17,360 17,582 
Interchange and ATM fees4,808 4,331 13,470 11,967 
Investment management10,246 8,436 30,373 26,438 
Mortgage banking income739 585 1,717 2,989 
Increase in cash surrender value of life insurance policies1,983 1,883 5,777 5,549 
Gain on life insurance benefits1,924 477 2,111 600 
Loan level derivative income842 471 2,525 1,511 
Other noninterest income7,065 5,751 19,209 15,729 
Total noninterest income33,543 28,195 92,542 82,365 
Noninterest expenses
Salaries and employee benefits54,797 52,708 165,747 150,957 
Occupancy and equipment expenses12,321 12,316 37,528 37,255 
Data processing and facilities management2,404 2,259 7,461 6,878 
Consulting expense2,753 2,547 6,765 7,057 
Software maintenance3,324 2,497 9,407 7,706 
Debit card expense2,319 1,936 6,707 5,562 
Amortization of intangible assets1,712 1,898 5,243 5,801 
FDIC assessment2,727 1,677 8,011 5,225 
Merger and acquisition expense— — — 7,100 
Other noninterest expenses15,425 14,890 45,129 45,249 
Total noninterest expenses97,782 92,728 291,998 278,790 
Income before income taxes80,141 95,068 244,218 247,469 
Provision for income taxes19,333 23,171 59,519 60,699 
Net income$60,808 $71,897 $184,699 $186,770 
Basic earnings per share$1.38 $1.57 $4.16 $4.01 
Diluted earnings per share$1.38 $1.57 $4.16 $4.00 
Weighted average common shares (basic)44,135,487 45,839,555 44,419,731 46,618,209 
Common share equivalents11,417 16,856 12,851 17,221 
Weighted average common shares (diluted)44,146,904 45,856,411 44,432,582 46,635,430 
Cash dividends declared per common share$0.55 $0.51 $1.65 $1.53 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
7

INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited—Dollars in thousands)
 
 Three Months EndedNine Months Ended
September 30September 30
 2023202220232022
Net income$60,808 $71,897 $184,699 $186,770 
Other comprehensive (loss) income, net of tax
Net change in fair value of securities available for sale(7,921)(42,582)(2,304)(128,872)
Net change in fair value of cash flow hedges202 (27,144)4,917 (52,743)
Net change in other comprehensive income for defined benefit postretirement plans(92)121 (275)363 
Total other comprehensive (loss) income(7,811)(69,605)2,338 (181,252)
Total comprehensive income $52,997 $2,292 $187,037 $5,518 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

8
INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Three Months Ended September 30, 2023 and 2022
(Unaudited—Dollars in thousands, except per share data)
Common Stock OutstandingCommon StockValue of Shares Held in Rabbi Trust at CostDeferred Compensation ObligationAdditional Paid in CapitalRetained EarningsAccumulated Other
Comprehensive Loss		Total
Balance June 30, 202344,130,901$440 $(3,289)$3,289 $1,997,674 $1,009,735 $(152,935)$2,854,914 
Net income— — — — — 60,808 — 60,808 
Other comprehensive loss— — — — — — (7,811)(7,811)
Common dividend declared ($0.55 per share)
— — — — — (24,277)— (24,277)
Proceeds from exercise of stock options, net of cash paid1,572 — — — 1 — — 1 
Stock based compensation— — — — 1,128 — — 1,128 
Restricted stock awards issued, net of awards surrendered(4,838)— — — (26)— — (26)
Shares issued under direct stock purchase plan14,338 — — — 671 — — 671 
Deferred compensation and other retirement benefit obligations— — (46)46 — — — — 
Balance September 30, 202344,141,973 $440 $(3,335)$3,335 $1,999,448 $1,046,266 $(160,746)$2,885,408 
Balance June 30, 202246,069,761 $459 $(3,196)$3,196 $2,146,333 $833,857 $(109,464)$2,871,185 
Net income— — — — — 71,897 — 71,897 
Other comprehensive loss— — — — — — (69,605)(69,605)
Common dividend declared ($0.51 per share)
— — — — — (23,251)— (23,251)
Stock based compensation— — — — 1,017 — — 1,017 
Restricted stock awards issued, net of awards surrendered296 — — — — — — — 
Shares issued under direct stock purchase plan7,541 — — — 606 — — 606 
Shares repurchased under share repurchase program(442,972)(5)(34,643)(34,648)
Deferred compensation and other retirement benefit obligations— — (43)43 — — — — 
Balance September 30, 202245,634,626 $454 $(3,239)$3,239 $2,113,313 $882,503 $(179,069)$2,817,201 

9
INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Nine Months Ended September 30, 2023 and 2022
(Unaudited—Dollars in thousands, except per share data)

Common Stock OutstandingCommon StockValue of Shares Held in Rabbi 
Trust at Cost		Deferred Compensation ObligationAdditional Paid in CapitalRetained EarningsAccumulated Other
Comprehensive Income (Loss)		Total
Balance December 31, 202245,641,238$455 $(3,227)$3,227 $2,114,888 $934,442 $(163,084)$2,886,701 
Net income— — — — — 184,699 — 184,699 
Other comprehensive income— — — — — — 2,338 2,338 
Common dividend declared ($1.65 per share)
— — — — — (72,875)— (72,875)
Proceeds from exercise of stock options, net of cash paid3,238 — — — 81 — — 81 
Stock based compensation— — — — 4,721 — — 4,721 
Restricted stock awards issued, net of awards surrendered81,721 1 — — (1,137)— — (1,136)
Shares issued under direct stock purchase plan32,809 — — — 1,990 — — 1,990 
Shares repurchased under share repurchase program (1)(1,617,033)(16)— — (121,095)— — (121,111)
Deferred compensation and other retirement benefit obligations— — (108)108 — — — — 
Balance September 30, 202344,141,973 $440 $(3,335)$3,335 $1,999,448 $1,046,266 $(160,746)$2,885,408 
Balance December 31, 202147,349,778 $472 $(3,146)$3,146 $2,249,078 $766,716 $2,183 $3,018,449 
Net income— — — — — 186,770 — 186,770 
Other comprehensive loss— — — — — — (181,252)(181,252)
Common dividend declared ($1.53 per share)
— — — — — (70,983)— (70,983)
Stock based compensation— — — — 3,483 — — 3,483 
Restricted stock awards issued, net of awards surrendered50,096 — — — (1,085)— — (1,085)
Shares issued under direct stock purchase plan21,717 — — — 1,765 — — 1,765 
Shares repurchased under share repurchase program (1,786,965)(18)— — (139,928)— — (139,946)
Deferred compensation and other retirement benefit obligations— — (93)93 — — — — 
Balance September 30, 202245,634,626 $454 $(3,239)$3,239 $2,113,313 $882,503 $(179,069)$2,817,201 
(1)     Inclusive of $1.2 million impact of excise tax attributable to shares repurchased under the share repurchase program during the nine months ended September 30, 2023.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
10
INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited—Dollars in thousands)
 
 Nine Months Ended
September 30
20232022
Cash flow from operating activities
Net income$184,699 $186,770 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization27,575 29,528 
Change in unamortized net loan costs and fees(1,199)(6,397)
Accretion of acquired loans(1,057)(65)
Provision for credit losses17,750 1,000 
Deferred income tax expense13 271 
Net (gain) loss on equity securities(272)2,819 
Net loss on bank premises and equipment304 217 
Realized gain on sale leaseback transaction(193)(433)
Stock based compensation4,721 3,483 
Increase in cash surrender value of life insurance policies(5,786)(5,549)
Gain on life insurance benefits(2,111)(600)
Operating lease payments(10,381)(15,867)
Change in fair value on loans held for sale31 620 
Net change in:
Trading assets(588)182 
Loans held for sale(1,226)18,959 
Other assets(2,317)32,252 
Other liabilities13,526 58,669 
Total adjustments38,790 119,089 
Net cash provided by operating activities223,489 305,859 
Cash flows used in investing activities
Proceeds from sales of equity securities — 30 
Purchases of equity securities(440)(471)
Proceeds from maturities and principal repayments of securities available for sale42,087 100,790 
Purchases of securities available for sale— (123,289)
Proceeds from maturities and principal repayments of securities held to maturity114,698 132,997 
Purchases of securities held to maturity— (763,987)
Net (purchases) redemptions of Federal Home Loan Bank stock(38,660)6,189 
Investments in low income housing projects(20,086)(14,896)
Purchases of life insurance policies(114)(115)
Proceeds from life insurance policies3,934 2,273 
Net increase in loans(322,904)(107,211)
Purchases of bank premises and equipment(9,541)(18,019)
Proceeds from the sale of bank premises and equipment104 1,228 
Net cash used in investing activities(230,922)(784,481)
Cash flows used in financing activities
Net increase (decrease) in time deposits816,896 (351,458)
Net decrease in other deposits(1,636,503)(225,519)
11
Net advances from (repayments of) short-term Federal Home Loan Bank borrowings887,000 (25,000)
Repayments of long-term debt, net of issuance costs— (14,063)
Net proceeds from exercise of stock options80 — 
Restricted stock awards issued, net of awards surrendered(1,143)(1,085)
Proceeds from shares issued under direct stock purchase plan1,977 1,765 
Payments for shares repurchased under share repurchase program(119,951)(139,946)
Common dividends paid(73,728)(70,460)
Net cash used in financing activities(125,372)(825,766)
Net decrease in cash and cash equivalents(132,805)(1,304,388)
Cash and cash equivalents at beginning of year352,933 2,240,684 
Cash and cash equivalents at end of period$220,128 $936,296 
Supplemental schedule of noncash investing and financing activities
Net increase in capital commitments relating to low income housing project investments$15,718 $4,408 
Recognition of operating lease at commencement and/or at extension$5,747 $14,124 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
12
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - BASIS OF PRESENTATION
Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company, incorporated in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland Trust” or the “Bank”), a Massachusetts trust company chartered in 1907.
All material intercompany balances and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current year’s presentation.
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, primarily consisting of normal recurring adjustments, have been included. Results for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or any other interim period.
For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the "2022 Form 10-K").

NOTE 2 - SECURITIES
    
Trading Securities
The Company had trading securities of $4.5 million and $3.9 million as of September 30, 2023 and December 31, 2022, respectively. These securities are held in a rabbi trust and will be used for future payments associated with the Company’s non-qualified 401(k) Restoration Plan and Non-qualified Deferred Compensation Plan.
Equity Securities
The Company had equity securities of $21.5 million and $21.1 million as of September 30, 2023 and December 31, 2022, respectively. These securities consist primarily of mutual funds held in a rabbi trust and will be used for future payments associated with the Company’s supplemental executive retirement plans.
13
The following table represents a summary of the gains and losses recognized within non-interest income and non-interest expense within the consolidated statements of income that relate to equity securities for the periods indicated:
Three Months EndedNine Months Ended
September 30September 30
2023202220232022
Dollars in thousands
Net (losses) gains recognized during the period on equity securities$(363)$(742)272 (2,819)
Less: net (losses) gains recognized during the period on equity securities sold during the period(34)— (33)8 
Unrealized (losses) gains recognized during the reporting period on equity securities still held at the reporting date$(329)$(742)$305 $(2,827)
Available for Sale Securities
The following table summarizes the amortized cost, allowance for credit losses, and fair value of available for sale securities and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) as of the dates indicated:
 September 30, 2023December 31, 2022
 Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Allowance for credit lossesFair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Allowance for credit lossesFair
Value
 (Dollars in thousands)
U.S. government agency securities$230,387 $— $(30,877)$— $199,510 $230,936 $— $(28,636)$— $202,300 
U.S. treasury securities874,463 — (75,576)— 798,887 874,035 — (82,694)— 791,341 
Agency mortgage-backed securities326,318 2 (51,612)— 274,708 359,068 54 (45,434)— 313,688 
Agency collateralized mortgage obligations37,159 — (3,510)— 33,649 41,874 — (3,031)— 38,843 
State, county, and municipal securities194 — (10)— 184 193 — (2)— 191 
Pooled trust preferred securities issued by banks and insurers 1,204 — (161)— 1,043 1,203 — (169)— 1,034 
Small business administration pooled securities54,830 — (9,067)