Company Quick10K Filing
Quick10K
Independent Bank
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$79.78 28 $2,240
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
8-K 2019-02-14 Regulation FD, Exhibits
8-K 2019-01-25 Shareholder Vote, Other Events, Exhibits
8-K 2019-01-25 Shareholder Vote, Other Events, Exhibits
8-K 2019-01-17 Earnings, Regulation FD, Exhibits
8-K 2018-12-13 Other Events, Exhibits
8-K 2018-11-26 Officers
8-K 2018-11-16 M&A, Exhibits
8-K 2018-11-08 Other Events, Exhibits
8-K 2018-11-07 Regulation FD, Exhibits
8-K 2018-10-18 Earnings, Regulation FD, Exhibits
8-K 2018-09-20 Regulation FD, Other Events, Exhibits
8-K 2018-09-20 Enter Agreement, Exhibits
8-K 2018-09-12 Other Events, Exhibits
8-K 2018-08-14 Regulation FD
8-K 2018-07-19 Earnings, Regulation FD, Exhibits
8-K 2018-06-21 Other Events, Exhibits
8-K 2018-05-29 Enter Agreement, Exhibits
8-K 2018-05-17 Shareholder Vote, Exhibits
8-K 2018-05-15 Regulation FD
8-K 2018-04-19 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-03-15 Other Events, Exhibits
8-K 2018-03-07 Regulation FD
8-K 2018-02-08 Regulation FD
8-K 2018-01-18 Earnings, Regulation FD, Exhibits
8-K 2018-01-02 Earnings
8-K 2017-12-25 Officers
FIBK First Interstate Bancsystem
FFWM First Foundation
PEBO Peoples Bancorp
SONA Southern National Bancorp of Virginia
ATLO AMES National
EVBN Evans Bancorp
STND Standard Avb Financial
MYFW First Western Financial
EMCF Emclaire Financial
GLG China Commercial Credit
INDB 2018-09-30
Part 1. Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Recent Accounting Standards Updates
Note 3 - Securities
Note 4 - Loans, Allowance for Loan Losses, and Credit Quality
Note 5 -Earnings per Share
Note 6 - Stock Based Compensation
Note 7 - Repurchase Agreements
Note 8 - Derivative and Hedging Activities
Note 9 - Balance Sheet Offsetting
Note 10 - Fair Value Measurements
Note 11 - Revenue Recognition
Note 12 - Comprehensive Income (Loss)
Note 13 - Commitments and Contingencies
Note 14 - Low Income Housing Project Investments
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities-None
Item 4. Mine Safety Disclosures - Not Applicable
Item 5. Other Information-None
Item 6. Exhibits
EX-31.1 indb0930201810qex311.htm
EX-31.2 indb0930201810qex312.htm
EX-32.1 indb0930201810q321.htm
EX-32.2 indb09-30x201810xqexx3.htm

Independent Bank Earnings 2018-09-30

INDB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

 
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, 2018
Commission File Number: 1-9047
___________________________________________________
Independent Bank Corp.
(Exact name of registrant as specified in its charter)
 ___________________________________________________
Massachusetts
04-2870273
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
Office Address: 2036 Washington Street, Hanover Massachusetts 02339
Mailing Address: 288 Union Street, Rockland, Massachusetts 02370
(Address of principal executive offices, including zip code)
(781) 878-6100
(Registrant’s telephone number, including area code)
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 Filer
x
Accelerated Filer
o
 
 
 
 
Non-accelerated Filer
o
Smaller Reporting Company
o
 
 
 
 
 
 
Emerging Growth Company
o
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  o    No  x
As of October 31, 2018, there were 27,551,581 shares of the issuer’s common stock outstanding, par value $0.01 per share.
 



Table of Contents



 
Table of Contents
 
PAGE
 
 
 
 
Condensed Notes to Consolidated Financial Statements - September 30, 2018
 
 
 


Table of Contents

Table of Contents
 
 
 
 
Exhibit 31.1 – Certification 302
 
Exhibit 31.2 – Certification 302
 
Exhibit 32.1 – Certification 906
 
Exhibit 32.2 – Certification 906
 

3

Table of Contents

PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
INDEPENDENT BANK CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited—Dollars in thousands)
 
 
September 30,
2018
 
December 31
2017
Assets
Cash and due from banks
$
102,540

 
$
103,485

Interest-earning deposits with banks
148,307

 
109,631

Securities
 
 
 
Trading
1,581

 
1,324

Equities
20,430

 

Available for sale
435,861

 
447,498

Held to maturity (fair value $534,622 and $494,194)
553,705

 
497,688

Total securities
1,011,577

 
946,510

Loans held for sale (at fair value)
10,431

 
4,768

Loans
 
 
 
Commercial and industrial
1,003,780

 
888,528

Commercial real estate
3,132,491

 
3,116,561

Commercial construction
352,491

 
401,797

Small business
149,200

 
132,370

Residential real estate
801,810

 
754,329

Home equity - first position
647,132

 
612,990

Home equity - subordinate positions
426,829

 
439,098

Other consumer
13,669

 
9,880

   Total loans
6,527,402

 
6,355,553

Less: allowance for loan losses
(63,235
)
 
(60,643
)
Net loans
6,464,167

 
6,294,910

Federal Home Loan Bank stock
13,107

 
11,597

Bank premises and equipment, net
95,941

 
94,722

Goodwill
231,806

 
231,806

Other intangible assets
7,379

 
9,341

Cash surrender value of life insurance policies
153,186

 
151,528

Other real estate owned and other foreclosed assets
190

 
612

Other assets
136,866

 
123,119

Total assets
$
8,375,497

 
$
8,082,029

Liabilities and Stockholders' Equity
Deposits
 
 
 
Demand deposits
$
2,337,221

 
$
2,159,396

Savings and interest checking accounts
2,621,926

 
2,599,922

Money market
1,353,641

 
1,325,634

Time certificates of deposit of $100,000 and over
317,761

 
278,531

Other time certificates of deposits
345,690

 
365,770

Total deposits
6,976,239

 
6,729,253

Borrowings
 
 
 

4

Table of Contents

Federal Home Loan Bank borrowings
50,767

 
53,264

Customer repurchase agreements
141,176

 
162,679

Junior subordinated debentures (less unamortized debt issuance costs of $119 and $125)
73,078

 
73,073

Subordinated debentures (less unamortized debt issuance costs of $283 and $318)
34,717

 
34,682

Total borrowings
299,738

 
323,698

Other liabilities
101,215

 
85,269

Total liabilities
7,377,192

 
7,138,220

Commitments and contingencies

 

Stockholders' equity
 
 
 
Preferred stock, $.01 par value, authorized: 1,000,000 shares, outstanding: none

 

Common stock, $.01 par value, authorized: 75,000,000 shares,
issued and outstanding: 27,540,843 shares at September 30, 2018 and 27,450,190 shares at December 31, 2017 (includes 159,809 and 177,191 shares of unvested participating restricted stock awards, respectively)
274

 
273

Value of shares held in rabbi trust at cost: 157,872 shares at September 30, 2018 and 164,438 shares at December 31, 2017
(4,784
)
 
(4,590
)
Deferred compensation and other retirement benefit obligations
4,784

 
4,590

Additional paid in capital
483,222

 
479,430

Retained earnings
527,473

 
465,937

Accumulated other comprehensive loss, net of tax
(12,664
)
 
(1,831
)
Total stockholders’ equity
998,305

 
943,809

Total liabilities and stockholders' equity
$
8,375,497

 
$
8,082,029

The accompanying condensed notes are an integral part of these unaudited consolidated financial statements.


5

Table of Contents

INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited—Dollars in thousands, except per share data)
 
Three Months Ended
 
Nine Months Ended
 
September 30
 
September 30
 
2018
 
2017
 
2018
 
2017
Interest income
 
 
 
 
 
 
 
Interest and fees on loans
$
75,220

 
$
65,667

 
$
214,486

 
$
186,747

Taxable interest and dividends on securities
6,664

 
5,642

 
19,381

 
16,618

Nontaxable interest and dividends on securities
14

 
19

 
46

 
71

Interest on loans held for sale
61

 
33

 
110

 
68

Interest on federal funds sold and short-term investments
916

 
417

 
1,768

 
814

Total interest and dividend income
82,875

 
71,778

 
235,791

 
204,318

Interest expense
 
 
 
 
 
 
 
Interest on deposits
5,251

 
3,331

 
13,773

 
9,010

Interest on borrowings
1,390

 
1,374

 
4,145

 
4,280

Total interest expense
6,641

 
4,705

 
17,918

 
13,290

Net interest income
76,234

 
67,073

 
217,873

 
191,028

Provision for loan losses
1,075

 

 
3,575

 
1,650

Net interest income after provision for loan losses
75,159

 
67,073

 
214,298

 
189,378

Noninterest income
 
 
 
 
 
 
 
Deposit account fees
4,658

 
4,401

 
13,640

 
13,337

Interchange and ATM fees
4,947

 
4,525

 
13,889

 
12,881

Investment management
6,564

 
5,967

 
19,528

 
17,576

Mortgage banking income
1,222

 
1,338

 
3,130

 
3,609

Gain on life insurance benefits
1,463

 

 
1,463

 

Gain on sale of equity securities
4

 
12

 
6

 
19

Increase in cash surrender value of life insurance policies
984

 
1,019

 
2,929

 
3,000

Loan level derivative income
392

 
784

 
1,547

 
2,727

Other noninterest income
3,030

 
2,724

 
8,882

 
7,931

Total noninterest income
23,264

 
20,770

 
65,014

 
61,080

Noninterest expenses
 
 
 
 
 
 
 
Salaries and employee benefits
31,095

 
29,289

 
92,483

 
86,267

Occupancy and equipment expenses
6,310

 
6,085

 
20,215

 
18,302

Data processing and facilities management
1,287

 
1,272

 
3,837

 
3,732

FDIC assessment
725

 
673

 
2,214

 
2,234

Advertising expense
1,395

 
1,359

 
3,684

 
4,018

Consulting expense
1,128

 
937

 
2,973

 
2,753

Debit card expense
755

 
992

 
2,405

 
2,616

Legal fees
752

 
1,423

 
2,084


2,074

Loss on sale of equity securities

 
1

 

 
6

Merger and acquisition expense
2,688

 

 
3,122

 
3,393

Software maintenance
1,079

 
888

 
3,048

 
2,714

Other noninterest expenses
8,225

 
8,391

 
25,513

 
24,783

Total noninterest expenses
55,439

 
51,310

 
161,578

 
152,892

Income before income taxes
42,984

 
36,533

 
117,734

 
97,566

Provision for income taxes
9,969

 
12,681

 
26,046

 
32,426

Net income
$
33,015

 
$
23,852

 
$
91,688

 
$
65,140

Basic earnings per share
$
1.20

 
$
0.87

 
$
3.33

 
$
2.39


6

Table of Contents

Diluted earnings per share
$
1.20

 
$
0.87

 
$
3.32

 
$
2.38

Weighted average common shares (basic)
27,537,841

 
27,436,792

 
27,517,210

 
27,242,902

Common share equivalents
63,499

 
76,307

 
62,596

 
78,043

Weighted average common shares (diluted)
27,601,340

 
27,513,099

 
27,579,806

 
27,320,945

Cash dividends declared per common share
$
0.38

 
$
0.32

 
$
1.14

 
$
0.96

The accompanying condensed notes are an integral part of these unaudited consolidated financial statements.

7

Table of Contents

INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited—Dollars in thousands)
 
 
Three Months Ended
 
Nine Months Ended
 
September 30
 
September 30
 
2018
 
2017
 
2018
 
2017
Net income
$
33,015

 
$
23,852

 
$
91,688

 
$
65,140

Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
Net change in fair value of securities available for sale
(2,262
)
 
188

 
(9,654
)
 
1,511

Net change in fair value of cash flow hedges
(405
)
 
109

 
(302
)
 
8

Net change in other comprehensive income for defined benefit postretirement plans
117

 
78

 
351

 
234

Total other comprehensive income (loss)
(2,550
)
 
375

 
(9,605
)
 
1,753

Total comprehensive income
$
30,465

 
$
24,227

 
$
82,083

 
$
66,893

The accompanying condensed notes are an integral part of these unaudited consolidated financial statements.


8

Table of Contents

INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited—Dollars in thousands, except per share data)
 
Common Stock Outstanding
 
Common Stock
 
Value of Shares Held in Rabbi Trust at Cost
 
Deferred Compensation and Other Retirement Benefit Obligations
 
Additional Paid in Capital
 
Retained Earnings
 
Accumulated Other
Comprehensive Income (Loss)
 
Total
Balance December 31, 2017
27,450,190

 
$
273

 
$
(4,590
)
 
$
4,590

 
$
479,430

 
$
465,937

 
$
(1,831
)
 
$
943,809

Opening balance reclassification (1)

 

 

 

 

 
397

 
(397
)
 

Cumulative effect accounting adjustment (2)

 

 

 

 

 
831

 
(831
)
 

Net income

 

 

 

 

 
91,688

 

 
91,688

Other comprehensive loss

 

 

 

 

 

 
(9,605
)
 
(9,605
)
Common dividend declared ($1.14 per share)

 

 

 

 

 
(31,380
)
 

 
(31,380
)
Proceeds from exercise of stock options, net of cash paid
23,195

 

 

 

 
184

 

 

 
184

Stock based compensation

 

 

 

 
3,161

 

 

 
3,161

Restricted stock awards issued, net of awards surrendered
43,174