Company Quick10K Filing
Quick10K
Independent Bank
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$79.87 34 $2,740
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
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
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-18 Earnings, Exhibits
8-K 2019-06-20 Other Events, Exhibits
8-K 2019-05-16 Shareholder Vote
8-K 2019-05-14 Regulation FD, Exhibits
8-K 2019-04-18 Earnings, Exhibits
8-K 2019-03-26 Other Events, Exhibits
8-K 2019-03-14 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-03-13 Other Events, Exhibits
8-K 2019-03-13 Regulation FD, Exhibits
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
GFI Gold Fields 3,120
NTLA Intellia Therapeutics 739
AOSL Alpha & Omega Semiconductor 271
MEIP MEI Pharma 208
ELVT Elevate Credit 208
RIOT Riot Blockchain 54
WSTL Westell Technologies 32
EVSI Envision Solar 26
MITL Mitel Networks 0
TCT Teucrium Commodity Trust 0
INDB 2019-03-31
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 - Borrowings
Note 6 -Earnings per Share
Note 7 - Stock Based Compensation
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 - Leases
Note 14 - Commitments and Contingencies
Note 15 - Low Income Housing Project Investments
Note 16 - Subsequent Event
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 indb03-31x201910xqexx311.htm
EX-31.2 indb03-31x201910xqexx312.htm
EX-32.1 indb03-31x201910xqexx321.htm
EX-32.2 indb03-31x201910xqexx322.htm

Independent Bank Earnings 2019-03-31

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 March 31, 2019
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)

Securities registered pursuant to Section 12(b) of the Act:
Title of each Class
Trading Symbol
Name of each exchange on which registered
Common Stock, $01 par value per share
INDB
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 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


Table of Contents

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 May 6, 2019, there were 34,310,487 shares of the issuer’s common stock outstanding, par value $0.01 per share.
 



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Table of Contents
 
PAGE
 
 
 
 
Condensed Notes to Consolidated Financial Statements - March 31, 2019
 


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
 

4

Table of Contents

PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
INDEPENDENT BANK CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited—Dollars in thousands)
 
 
March 31,
2019
 
December 31
2018
Assets
Cash and due from banks
$
106,748

 
$
127,503

Interest-earning deposits with banks
185,526

 
122,952

Securities
 
 
 
Trading
1,837

 
1,504

Equities
20,357

 
19,477

Available for sale
437,689

 
442,752

Held to maturity (fair value $623,156 and $603,640)
623,243

 
611,490

Total securities
1,083,126

 
1,075,223

Loans held for sale (at fair value)
5,586

 
6,431

Loans
 
 
 
Commercial and industrial
1,150,632

 
1,093,629

Commercial real estate
3,254,085

 
3,251,248

Commercial construction
373,517

 
365,165

Small business
166,410

 
164,676

Residential real estate
935,238

 
923,294

Home equity - first position
642,451

 
654,083

Home equity - subordinate positions
438,290

 
438,001

Other consumer
16,249

 
16,098

   Total loans
6,976,872

 
6,906,194

Less: allowance for loan losses
(65,140
)
 
(64,293
)
Net loans
6,911,732

 
6,841,901

Federal Home Loan Bank stock
7,667

 
15,683

Bank premises and equipment, net
98,843

 
97,581

Goodwill
256,105

 
256,105

Other intangible assets
14,339

 
15,250

Cash surrender value of life insurance policies
161,521

 
160,456

Other assets
166,264

 
132,507

Total assets
$
8,997,457

 
$
8,851,592

Liabilities and Stockholders' Equity
Deposits
 
 
 
Demand deposits
$
2,329,566

 
$
2,450,907

Savings and interest checking accounts
2,914,367

 
2,865,349

Money market
1,496,118

 
1,399,761

Time certificates of deposit of $100,000 and over
362,632

 
351,629

Other time certificates of deposits
360,919

 
359,474

Total deposits
7,463,602

 
7,427,120

Borrowings
 
 
 
Federal Home Loan Bank borrowings
25,752

 
147,806


5

Table of Contents

Line of credit (less unamortized debt issuance costs of $7)
49,993

 

Long-term borrowings (less unamortized debt issuance costs of $86)
74,914

 

Junior subordinated debentures (less unamortized debt issuance costs of $116 and $118)
73,082

 
76,173

Subordinated debentures (less unamortized debt issuance costs of $701 and $272)
84,299

 
34,728

Total borrowings
308,040

 
258,707

Other liabilities
121,277

 
92,275

Total liabilities
7,892,919

 
7,778,102

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: 28,137,504 shares at March 31, 2019 and 28,080,408 shares at December 31, 2018 (includes 155,012 and 153,459 shares of unvested participating restricted stock awards, respectively)
280

 
279

Value of shares held in rabbi trust at cost: 144,166 shares at March 31, 2019 and 153,226 shares at December 31, 2018
(4,599
)
 
(4,718
)
Deferred compensation and other retirement benefit obligations
4,599

 
4,718

Additional paid in capital
527,795

 
527,648

Retained earnings
569,582

 
546,736

Accumulated other comprehensive income (loss), net of tax
6,881

 
(1,173
)
Total stockholders’ equity
1,104,538

 
1,073,490

Total liabilities and stockholders' equity
$
8,997,457

 
$
8,851,592

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


6

Table of Contents

INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited—Dollars in thousands, except per share data)
 
Three Months Ended
 
March 31
 
2019
 
2018
Interest income
 
 
 
Interest and fees on loans
$
83,608

 
$
67,184

Taxable interest and dividends on securities
7,465

 
6,219

Nontaxable interest and dividends on securities
13

 
16

Interest on loans held for sale
31

 
19

Interest on federal funds sold and short-term investments
426

 
311

Total interest and dividend income
91,543

 
73,749

Interest expense
 
 
 
Interest on deposits
7,028

 
3,935

Interest on borrowings
1,990

 
1,343

Total interest expense
9,018

 
5,278

Net interest income
82,525

 
68,471

Provision for loan losses
1,000

 
500

Net interest income after provision for loan losses
81,525

 
67,971

Noninterest income
 
 
 
Deposit account fees
4,406

 
4,431

Interchange and ATM fees
4,516

 
4,173

Investment management
6,748

 
6,142

Mortgage banking income
806

 
870

Increase in cash surrender value of life insurance policies
972

 
947

Loan level derivative income
641

 
447

Other noninterest income
3,444

 
2,853

Total noninterest income
21,533

 
19,863

Noninterest expenses
 
 
 
Salaries and employee benefits
33,117

 
31,100

Occupancy and equipment expenses
7,130

 
7,408

Data processing and facilities management
1,326

 
1,286

FDIC assessment
616

 
798

Advertising expense
1,213

 
1,123

Merger and acquisition expense
1,032

 

Software maintenance
1,165

 
972

Other noninterest expenses
10,712

 
10,764

Total noninterest expenses
56,311

 
53,451

Income before income taxes
46,747

 
34,383

Provision for income taxes
11,522

 
6,828

Net income
$
35,225

 
$
27,555

Basic earnings per share
$
1.25

 
$
1.00

Diluted earnings per share
$
1.25

 
$
1.00

Weighted average common shares (basic)
28,106,184

 
27,486,573

Common share equivalents
54,466

 
67,381

Weighted average common shares (diluted)
28,160,650

 
27,553,954

Cash dividends declared per common share
$
0.44

 
$
0.38

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
 
March 31
 
2019
 
2018
Net income
$
35,225

 
$
27,555

Other comprehensive income (loss), net of tax
 
 
 
Net change in fair value of securities available for sale
4,729

 
(5,468
)
Net change in fair value of cash flow hedges
3,285

 
215

Net change in other comprehensive income for defined benefit postretirement plans
40

 
117

Total other comprehensive income (loss)
8,054

 
(5,136
)
Total comprehensive income
$
43,279

 
$
22,419

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, 2018
28,080,408

 
$
279

 
$
(4,718
)
 
$
4,718

 
$
527,648

 
$
546,736

 
$
(1,173
)
 
$
1,073,490

Net income

 

 

 

 

 
35,225

 

 
35,225

Other comprehensive income

 

 

 

 

 

 
8,054

 
8,054

Common dividend declared ($0.44 per share)

 

 

 

 

 
(12,379
)
 

 
(12,379
)
Proceeds from exercise of stock options, net of cash paid
6,000

 

 

 

 
165

 

 

 
165

Stock based compensation

 

 

 

 
915

 

 

 
915

Restricted stock awards issued, net of awards surrendered
44,407

 
1

 

 

 
(1,420
)
 

 

 
(1,419
)
Shares issued under direct stock purchase plan
6,689

 

 

 

 
487

 

 

 
487

Deferred compensation and other retirement benefit obligations

 

 
119

 
(119
)
 

 

 

 

Balance March 31, 2019
28,137,504

 
$
280

 
$
(4,599
)
 
$
4,599

 
$
527,795

 
$
569,582

 
$
6,881

 
$
1,104,538

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 

 

 

 

 
27,555

 


 
27,555

Other comprehensive loss

 

 

 

 

 

 
(5,136
)
 
(5,136
)
Common dividend declared ($0.38 per share)

 

 

 

 

 
(10,454
)
 

 
(10,454
)
Proceeds from exercise of stock options, net of cash paid
19,256

 

 

 

 
143

 

 

 
143

Stock based compensation

 

 

 

 
1,041

 

 

 
1,041

Restricted stock awards issued, net of awards surrendered
36,961

 

 

 

 
(1,318
)
 

 

 
(1,318
)
Shares issued under direct stock purchase plan
5,921

 

 

 

 
419

 

 

 
419

Deferred compensation and other retirement benefit obligations

 

 
(1
)
 
1

 

 

 

 

Balance March 31, 2018
27,512,328

 
$
273

 
$
(4,591
)
 
$
4,591

 
$
479,715

 
$
484,266

 
$
(8,195
)
 
$
956,059

(1)
Represents adjustment needed to reflect the cumulative impact on retained earnings for reclassification of the income tax effects attributable to accumulated other comprehensive income, as a result of the Tax Cuts and Jobs Act (the "Tax Act"). Pursuant to the Company's adoption of Accounting Standards Update 2018-02, the Company has elected to reclassify amounts stranded in other comprehensive income to retained earnings.
(2)
Represents adjustment needed to reflect the cumulative impact on retained earnings for the classification and measurement of investments in equity securities. Pursuant to the Company's adoption of Accounting Standards Update 2016-01, the Company's investments in equity securities will no longer be classified as available for sale, therefore the Company was required to reclassify the net unrealized gain recognized on the change in fair value of these equity securities from other comprehensive income to retained earnings.
The accompanying condensed notes are an integral part of these unaudited consolidated financial statements.

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Table of Contents

INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited—Dollars in thousands)
 
 
Three Months Ended
 
March 31
 
2019
 
2018
Cash flow from operating activities
 
 
 
Net income
$
35,225

 
$
27,555

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation and amortization
3,648

 
4,181

Provision for loan losses
1,000

 
500

Deferred income tax expense
539

 
359

Net (gain) loss on equity securities
(907
)
 
485

Net (gain) loss on bank premises and equipment
25

 
(7
)
Net loss on other real estate owned and foreclosed assets

 
1

Realized gain on sale leaseback transaction
(145
)
 
(258
)
Stock based compensation
915

 
1,041

Increase in cash surrender value of life insurance policies
(972
)
 
(947
)
Operating lease payments
(2,165
)
 

Change in fair value on loans held for sale
(1
)
 
26

Net change in:
 
 
 
Trading assets
(333
)
 
(277
)
Loans held for sale
846

 
805

Other assets
1,721

 
2,594

Other liabilities
(5,228
)
 
(2,175
)
Total adjustments
(1,057
)
 
6,328

Net cash provided by operating activities
34,168

 
33,883

Cash flows used in investing activities
 
 
 
Purchases of equity securities
(105
)
 
(78
)
Proceeds from maturities and principal repayments of securities available for sale
11,318

 
11,040

Purchases of securities available for sale

 
(37,201
)
Proceeds from maturities and principal repayments of securities held to maturity
19,003

 
22,888

Purchases of securities held to maturity
(30,502
)
 
(53,995
)
Net redemption (purchases) of Federal Home Loan Bank stock
8,016

 
(1,430
)
Investments in low income housing projects
(292
)
 
(1,213
)
Purchases of life insurance policies
(93
)
 
(93
)
Net increase in loans
(70,378
)
 
(6,856
)
Purchases of bank premises and equipment
(3,713
)
 
(2,803
)
Proceeds from the sale of bank premises and equipment
13

 
52

Proceeds from the sale of other real estate owned and foreclosed assets

 
253

Net cash used in investing activities
(66,733
)
 
(69,436
)
Cash flows provided by financing activities
 
 
 
Net increase in time deposits
12,464

 
10,486

Net increase in other deposits
24,034

 
11,804

Net repayments of short-term Federal Home Loan Bank borrowings
(122,046
)
 

Net increase (decrease) in customer repurchase agreements

 
(24,765
)

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Table of Contents

Proceeds from line of credit, net of issuance costs
49,993

 

Proceeds from long-term debt, net of issuance costs
74,914

 

Repayments of junior subordinated debentures
(3,093
)
 

Proceeds from subordinated debentures, net of issuance costs
49,556

 

Net proceeds from exercise of stock options
165