10-Q 1 indb-20240930.htm 10-Q Q3 2024 indb-20240930
0000776901false2024Q3December 31BORROWINGS On March 15, 2024 the Company fully redeemed its outstanding subordinated debentures with an aggregate principal amount of $50.0 million. The subordinated debentures were originally issued on March 14, 2019 in a private placement transaction to institutional accredited investors and were set to mature on March 15, 2029 with an option to redeem without penalty at any scheduled date on or after March 15, 2024 with 30 days' notice, which was provided by the Company prior to 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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, 2024
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 6, 2024, there were 42,492,785 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, 2024
3
4
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements

INDEPENDENT BANK CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited—Dollars in thousands)
 
September 30
2024		December 31
2023
Assets
Cash and due from banks$198,987 $178,861 
Interest-earning deposits with banks225,465 45,469 
Securities
Trading4,410 4,987 
Equity21,639 22,510 
Available for sale (amortized cost $1,334,733 and $1,459,862)
1,247,211 1,334,256 
Held to maturity (fair value $1,377,465 and $1,417,608)
1,492,315 1,569,107 
Total securities2,765,575 2,930,860 
Loans held for sale (at fair value)16,259 6,368 
Loans
Commercial and industrial1,577,861 1,579,986 
Commercial real estate8,162,020 8,041,508 
Commercial construction742,042 849,586 
Small business270,018 251,956 
Residential real estate2,441,859 2,424,754 
Home equity - first position498,193 518,706 
Home equity - subordinate positions632,242 578,920 
Other consumer36,572 32,654 
   Total loans14,360,807 14,278,070 
Less: allowance for credit losses(163,696)(142,222)
Net loans14,197,111 14,135,848 
Federal Home Loan Bank stock29,926 43,557 
Bank premises and equipment, net192,197 193,049 
Goodwill985,072 985,072 
Other intangible assets13,701 18,190 
Cash surrender value of life insurance policies302,132 297,387 
Other assets 481,692 512,712 
Total assets$19,408,117 $19,347,373 
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing demand deposits$4,519,492 $4,567,083 
Savings and interest checking accounts5,188,303 5,298,913 
Money market2,969,809 2,818,072 
Time certificates of deposit2,763,419 2,181,479 
Total deposits15,441,023 14,865,547 
Borrowings
Federal Home Loan Bank borrowings600,521 1,105,541 
Junior subordinated debentures (less unamortized debt issuance costs of $29 and $30)
62,859 62,858 
5
Subordinated debentures (less unamortized debt issuance costs of $20)
— 49,980 
Total borrowings663,380 1,218,379 
Other liabilities326,566 368,196 
Total liabilities16,430,969 16,452,122 
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: 42,480,765 shares at September 30, 2024 and 42,873,187 shares at December 31, 2023 (includes 202,940 and 162,812 shares of unvested participating restricted stock awards, respectively)
423 427 
Value of shares held in rabbi trust at cost: 79,686 shares at September 30, 2024 and 80,222 shares at December 31, 2023
(3,399)(3,298)
Deferred compensation and other retirement benefit obligations3,399 3,298 
Additional paid in capital1,907,012 1,932,163 
Retained earnings1,146,915 1,077,488 
Accumulated other comprehensive loss, net of tax(77,202)(114,827)
Total stockholders’ equity2,977,148 2,895,251 
Total liabilities and stockholders' equity$19,408,117 $19,347,373 
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
 2024202320242023
Interest income
Interest and fees on loans$200,597 $187,145 $591,097 $537,830 
Taxable interest and dividends on securities14,064 14,817 42,287 45,707 
Nontaxable interest and dividends on securities1 1 4 4 
Interest on loans held for sale227 60 530 133 
Interest on federal funds sold and short-term investments1,635 905 2,515 4,882 
Total interest and dividend income216,524 202,928 636,433 588,556 
Interest expense
Interest on deposits66,985 40,713 182,774 95,297 
Interest on borrowings7,836 12,335 36,591 31,835 
Total interest expense74,821 53,048 219,365 127,132 
Net interest income141,703 149,880 417,068 461,424 
Provision for credit losses19,500 5,500 28,750 17,750 
Net interest income after provision for credit losses122,203 144,380 388,318 443,674 
Noninterest income
Deposit account fees6,779 5,936 19,339 17,360 
Interchange and ATM fees4,970 4,808 14,175 13,470 
Investment management and advisory11,033 10,246 31,961 30,373 
Mortgage banking income972 739 3,088 1,717 
Increase in cash surrender value of life insurance policies2,006 1,983 5,934 5,777 
Gain on life insurance benefits— 1,924 263 2,111 
Loan level derivative income1,125 842 1,678 2,525 
Other noninterest income6,664 7,065 19,384 19,209 
Total noninterest income33,549 33,543 95,822 92,542 
Noninterest expenses
Salaries and employee benefits60,108 54,797 174,444 165,747 
Occupancy and equipment expenses12,734 12,321 38,673 37,528 
Data processing and facilities management2,510 2,404 7,398 7,461 
Software and subscriptions4,736 3,324 13,305 9,407 
FDIC assessment2,628 2,727 8,304 8,011 
Consulting expense1,429 2,753 4,854 6,765 
Debit card expense614 2,319 4,694 6,707 
Amortization of intangible assets1,460 1,712 4,488 5,243 
Other noninterest expenses14,224 15,425 43,784 45,129 
Total noninterest expenses100,443 97,782 299,944 291,998 
Income before income taxes55,309 80,141 184,196 244,218 
Provision for income taxes12,362 19,333 42,149 59,519 
Net income$42,947 $60,808 $142,047 $184,699 
Basic earnings per share$1.01 $1.38 $3.34 $4.16 
Diluted earnings per share$1.01 $1.38 $3.34 $4.16 
Weighted average common shares (basic)42,481,441 44,135,487 42,501,199 44,419,731 
Common share equivalents11,622 11,417 9,602 12,851 
Weighted average common shares (diluted)42,493,063 44,146,904 42,510,801 44,432,582 
Cash dividends declared per common share$0.57 $0.55 $1.71 $1.65 
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
 2024202320242023
Net income$42,947 $60,808 $142,047 $184,699 
Other comprehensive income (loss), net of tax
Net change in fair value of securities available for sale28,286 (7,921)28,670 (2,304)
Net change in fair value of cash flow hedges8,753 202 9,000 4,917 
Net change in other comprehensive income for defined benefit postretirement plans(16)(92)(45)(275)
Total other comprehensive income (loss)37,023 (7,811)37,625 2,338 
Total comprehensive income $79,970 $52,997 $179,672 $187,037 
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, 2024 and 2023
(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 Income (Loss)		Total
Balance June 30, 202442,469,867$423 $(3,353)$3,353 $1,904,869 $1,128,182 $(114,225)$2,919,249 
Net income— — — — — 42,947 — 42,947 
Other comprehensive income— — — — — — 37,023 37,023 
Common dividend declared ($0.57 per share)
— — — — — (24,214)— (24,214)
Stock based compensation— — — — 1,514 — — 1,514 
Restricted stock awards issued, net of awards surrendered(2,559)— — — (20)— — (20)
Shares issued under direct stock purchase plan13,457 — — — 649 — — 649 
Deferred compensation and other retirement benefit obligations— — (46)46 — — — — 
Balance September 30, 202442,480,765 $423 $(3,399)$3,399 $1,907,012 $1,146,915 $(77,202)$2,977,148 
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 

9
INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Nine Months Ended September 30, 2024 and 2023
(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, 202342,873,187$427 $(3,298)$3,298 $1,932,163 $1,077,488 $(114,827)$2,895,251 
Net income— — — — — 142,047 — 142,047 
Other comprehensive income— — — — — — 37,625 37,625 
Common dividend declared ($1.71 per share)
— — — — — (72,620)— (72,620)
Stock based compensation— — — — 4,953 — — 4,953 
Restricted stock awards issued, net of awards surrendered102,754 1 — — (782)— — (781)
Shares issued under direct stock purchase plan37,090 — — — 1,970 — — 1,970 
Shares repurchased under share repurchase program (1)(532,266)(5)— — (31,292)— — (31,297)
Deferred compensation and other retirement benefit obligations— — (101)101 — — — — 
Balance September 30, 202442,480,765 $423 $(3,399)$3,399 $1,907,012 $1,146,915 $(77,202)$2,977,148 
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 
(1)     Inclusive of $311,000 and $1.2 million impact of excise tax attributable to shares repurchased under the share repurchase program during the nine months ended September 30, 2024 and September 30, 2023, respectively.
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
20242023
Cash flow from operating activities
Net income$142,047 $184,699 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization31,500 27,575 
Change in unamortized net loan costs and fees(1,070)(1,199)
Accretion of acquired loans(393)(1,057)
Provision for credit losses28,750 17,750 
Deferred income tax expense5,102 13 
Net gain on equity securities(1,187)(272)
Net loss on bank premises and equipment68 304 
Realized gain on sale leaseback transaction— (193)
Stock based compensation4,953 4,721 
Increase in cash surrender value of life insurance policies(5,934)(5,786)
Gain on life insurance benefits(263)(2,111)
Operating lease payments(10,214)(10,381)
Operating lease termination payments(389)— 
Change in fair value on loans held for sale(167)31 
Net change in:
Trading assets577 (588)
Loans held for sale(9,724)(1,226)
Other assets31,942 (2,317)
Other liabilities(28,567)13,526 
Total adjustments44,984 38,790 
Net cash provided by operating activities187,031 223,489 
Cash flows provided by (used in) investing activities
Purchases of equity securities(498)(440)
Proceeds from maturities and principal repayments of securities available for sale172,701 42,087 
Purchases of securities available for sale(47,776)— 
Proceeds from maturities and principal repayments of securities held to maturity79,843 114,698 
Net redemptions (purchases) of Federal Home Loan Bank stock13,631 (38,660)
Investments in low income housing projects(22,245)(20,086)
Purchases of life insurance policies(114)(114)
Proceeds from life insurance policies1,566 3,934 
Net increase in loans(88,550)(322,904)
Purchases of bank premises and equipment(14,052)(9,541)
Proceeds from the sale of bank premises and equipment32 104 
Net cash provided by (used in) investing activities94,538 (230,922)
Cash flows used in financing activities
Net increase in time deposits581,845 816,896 
Net decrease in other deposits(6,464)(1,636,503)
Net (repayments of) advances from Federal Home Loan Bank borrowings(505,000)887,000 
11
Repayments of subordinated debentures(50,000)— 
Net proceeds from exercise of stock options— 80 
Restricted stock awards issued, net of awards surrendered(813)(1,143)
Proceeds from shares issued under direct stock purchase plan1,957 1,977 
Payments for shares repurchased under share repurchase program(30,986)(119,951)
Common dividends paid(71,986)(73,728)
Net cash used in financing activities(81,447)(125,372)
Net increase (decrease) in cash and cash equivalents200,122 (132,805)
Cash and cash equivalents at beginning of year224,330 352,933 
Cash and cash equivalents at end of period$424,452 $220,128 
Supplemental schedule of noncash investing and financing activities
Net increase in capital commitments relating to low income housing project investments$29,282 $15,718 
Recognition of operating lease at commencement and/or at extension$5,620 $5,747 
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, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 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, 2023, filed with the Securities and Exchange Commission (the “2023 Form 10-K”).

NOTE 2 - SECURITIES
    
Trading Securities
The Company had trading securities of $4.4 million and $5.0 million as of September 30, 2024 and December 31, 2023, 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 $21.6 million and $22.5 million as of September 30, 2024 and December 31, 2023, 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.
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
2024202320242023
Dollars in thousands
Net gains (losses) recognized during the period on equity securities$685 $(363)1,187 272 
Less: net gains (losses) recognized during the period on equity securities sold during the period81 (34)519 (33)
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date$604 $(329)$668 $305 
13
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) at the dates indicated:
 September 30, 2024December 31, 2023
 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$229,642 $— $(16,558)$— $213,084 $230,198 $— $(23,060)$— $207,138 
U.S. treasury securities674,920 — (34,007)— 640,913 824,597 — (55,495)— 769,102 
Agency mortgage-backed securities346,931 60 (29,282)— 317,709 314,269 24 (37,246)— 277,047 
Agency collateralized mortgage obligations32,277 8 (1,646)— 30,639 35,713 6 (2,530)— 33,189 
State, county, and municipal securities196 — — — 196 195 — (5)— 190 
Pooled trust preferred securities issued by banks and insurers 1,180 — (153)— 1,027 1,188 — (170)— 1,018 
Small business administration pooled securities49,587 — (5,944)— 43,643 53,702 — (7,130)— 46,572 
Total available for sale securities$1,334,733 $