Independent Bank Corp
INDB Nasdaq State Commercial Banks Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$858M
24.3%
vs prior year
Efficiency ratio
Noninterest expense as a share of revenue. Lower is better for banks.
61.8%
2.9 pts
Net income
Profit after all expenses, interest and tax.
$205M
6.8%
Return on equity
Net income as a share of average shareholders' equity.
6.3%
0.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $5.53 EPS (TTM)
What Independent Bank Corp does
No business description yet.
- Legal name
- INDEPENDENT BANK CORP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0000776901-26-000058
0000776901
Revenue and margins
Independent Bank Corp had $858M of revenue in fiscal 2025, up 24.3% on the year before.
FY16
Revenue $310M
FY17
Revenue $342M
FY18
Revenue $387M
FY19
Revenue $508M
FY20
Revenue $479M
FY21
Revenue $507M
FY22
Revenue $728M
FY23
Revenue $731M
FY24
Revenue $690M
FY25
Revenue $858M
Q3 '23
Revenue $183M
Q4 '23
Revenue $177M
Q1 '24
Revenue $167M
Q2 '24
Revenue $170M
Q3 '24
Revenue $175M
Q4 '24
Revenue $177M
Q1 '25
Revenue $178M
Q2 '25
Revenue $182M
Q3 '25
Revenue $244M
Q4 '25
Revenue $254M
Q1 '26
Revenue $253M
Q2 '26
Revenue $253M
FY16
Net interest share 73.4%
Efficiency ratio 61.9%
FY17
Net interest share 75.7%
Efficiency ratio 59.8%
FY18
Net interest share 77.1%
Efficiency ratio 58.4%
FY19
Net interest share 77.3%
Efficiency ratio 55.9%
FY20
Net interest share 76.7%
Efficiency ratio 57.1%
FY21
Net interest share 79.1%
Efficiency ratio 65.5%
FY22
Net interest share 84.2%
Efficiency ratio 51.3%
FY23
Net interest share 83.0%
Efficiency ratio 53.7%
FY24
Net interest share 81.4%
Efficiency ratio 58.9%
FY25
Net interest share 82.7%
Efficiency ratio 61.8%
Net interest share
Efficiency ratio
Q3 '23
Net interest share 81.7%
Efficiency ratio 53.3%
Q4 '23
Net interest share 81.9%
Efficiency ratio 56.9%
Q1 '24
Net interest share 82.1%
Efficiency ratio 59.7%
Q2 '24
Net interest share 81.0%
Efficiency ratio 58.5%
Q3 '24
Net interest share 80.9%
Efficiency ratio 57.3%
Q4 '24
Net interest share 81.8%
Efficiency ratio 60.2%
Q1 '25
Net interest share 81.7%
Efficiency ratio 59.5%
Q2 '25
Net interest share 81.1%
Efficiency ratio 59.8%
Q3 '25
Net interest share 83.4%
Efficiency ratio 66.0%
Q4 '25
Net interest share 83.7%
Efficiency ratio 60.8%
Q1 '26
Net interest share 84.1%
Efficiency ratio 56.6%
Q2 '26
Net interest share 83.3%
Efficiency ratio 55.4%
Net interest share
Efficiency ratio
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 4.8% a year. Loss periods are shown in red.
FY16
Net income $76.6M
FY17
Net income $87.2M
FY18
Net income $122M
FY19
Net income $165M
FY20
Net income $121M
FY21
Net income $121M
FY22
Net income $264M
FY23
Net income $240M
FY24
Net income $192M
FY25
Net income $205M
Q3 '23
Net income $60.8M
Q4 '23
Net income $54.8M
Q1 '24
Net income $47.8M
Q2 '24
Net income $51.3M
Q3 '24
Net income $42.9M
Q4 '24
Net income $50.0M
Q1 '25
Net income $44.4M
Q2 '25
Net income $51.1M
Q3 '25
Net income $34.3M
Q4 '25
Net income $75.3M
Q1 '26
Net income $79.9M
Q2 '26
Net income $81.8M
FY16
Diluted EPS $2.90
FY17
Diluted EPS $3.19
FY18
Diluted EPS $4.40
FY19
Diluted EPS $5.03
FY20
Diluted EPS $3.64
FY21
Diluted EPS $3.47
FY22
Diluted EPS $5.69
FY23
Diluted EPS $5.42
FY24
Diluted EPS $4.52
FY25
Diluted EPS $4.44
Q3 '23
Diluted EPS $1.38
Q4 '23
Diluted EPS $1.26
Q1 '24
Diluted EPS $1.12
Q2 '24
Diluted EPS $1.21
Q3 '24
Diluted EPS $1.01
Q4 '24
Diluted EPS $1.18
Q1 '25
Diluted EPS $1.04
Q2 '25
Diluted EPS $1.20
Q3 '25
Diluted EPS $0.69
Q4 '25
Diluted EPS $1.51
Q1 '26
Diluted EPS $1.63
Q2 '26
Diluted EPS $1.70
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
FY16
ROE 8.9%
ROTE 12.1%
Efficiency ratio 61.9%
FY17
ROE 9.6%
ROTE 12.9%
Efficiency ratio 59.8%
FY18
ROE 12.1%
ROTE 22.0%
Efficiency ratio 58.4%
FY19
ROE 11.9%
ROTE 14.1%
Efficiency ratio 55.9%
FY20
ROE 7.1%
ROTE 10.3%
Efficiency ratio 57.1%
FY21
ROE 5.1%
ROTE 6.0%
Efficiency ratio 65.5%
FY22
ROE 8.9%
ROTE 14.1%
Efficiency ratio 51.3%
FY23
ROE 8.3%
ROTE 12.7%
Efficiency ratio 53.7%
FY24
ROE 6.5%
ROTE 9.6%
Efficiency ratio 58.9%
FY25
ROE 6.3%
ROTE 8.8%
Efficiency ratio 61.8%
ROE
ROTE
Efficiency ratio
Dividends, buybacks and share count
Independent Bank Corp returned $165M to shareholders in fiscal 2025, 69% of free cash flow. The diluted share count rose 8.7%.
FY16
Dividends $29.7M
Buybacks —
FY17
Dividends $34.0M
Buybacks —
FY18
Dividends $40.2M
Buybacks $0.0M
FY19
Dividends $53.3M
Buybacks $0.0M
FY20
Dividends $60.8M
Buybacks $95.1M
FY21
Dividends $62.7M
Buybacks $0.0M
FY22
Dividends $93.7M
Buybacks $140M
FY23
Dividends $98.0M
Buybacks $189M
FY24
Dividends $96.2M
Buybacks $31.0M
FY25
Dividends $104M
Buybacks $60.8M
Dividends
Buybacks
Q3 '23
Dividends $24.3M
Buybacks $0.0M
Q4 '23
Dividends $24.3M
Buybacks $69.0M
Q1 '24
Dividends $23.6M
Buybacks $31.0M
Q2 '24
Dividends $24.2M
Buybacks $0.0M
Q3 '24
Dividends $24.2M
Buybacks $0.0M
Q4 '24
Dividends $24.2M
Buybacks $0.0M
Q1 '25
Dividends $24.2M
Buybacks $0.0M
Q2 '25
Dividends $25.1M
Buybacks $0.0M
Q3 '25
Dividends $25.2M
Buybacks $23.4M
Q4 '25
Dividends $29.4M
Buybacks $37.5M
Q1 '26
Dividends $29.1M
Buybacks $63.3M
Q2 '26
Dividends $31.1M
Buybacks $75.0M
Dividends
Buybacks
FY16
Diluted shares 0.03B
FY17
Diluted shares 0.03B
FY18
Diluted shares 0.03B
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.05B
Balance sheet
Loans, deposits and capital at each fiscal year end.
FY16
Loans $5.9B
Deposits $6.4B
FY17
Loans $6.3B
Deposits $6.7B
FY18
Loans $6.8B
Deposits $7.4B
FY19
Loans $8.8B
Deposits $9.1B
FY20
Loans $9.3B
Deposits $11.0B
FY21
Loans $13.4B
Deposits $16.9B
FY22
Loans $13.8B
Deposits $15.9B
FY23
Loans $14.1B
Deposits $14.9B
FY24
Loans —
Deposits $15.3B
FY25
Loans —
Deposits $20.1B
Loans
Deposits
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $13.4B | $13.8B | $14.1B | — | — |
| Deposits | $16.9B | $15.9B | $14.9B | $15.3B | $20.1B |
| Loans / deposits | 79.4% | 86.8% | 95.1% | — | — |
| Total assets | $20.4B | $19.3B | $19.3B | $19.4B | $24.9B |
| Shareholders' equity | $3.0B | $2.9B | $2.9B | $3.0B | $3.6B |
| Goodwill | $985M | $985M | $985M | $985M | $1.1B |
| Intangible assets | $32.8M | $25.1M | $18.2M | $12.3M | $134M |
| Provision / loans | 0.1% | 0.0% | 0.2% | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $310M | $342M | $387M | $508M | $479M | $507M | $728M | $731M | $690M | $858M |
| Net interest income | $228M | $259M | $298M | $393M | $368M | $402M | $613M | $607M | $562M | $709M |
| Noninterest income | $82.4M | $83.0M | $88.5M | $115M | $111M | $106M | $115M | $125M | $128M | $149M |
| Noninterest expense | $192M | $204M | $226M | $284M | $274M | $333M | $374M | $393M | $406M | $530M |
| Provision for credit losses | $6.1M | $3.0M | $4.8M | $6.0M | $52.5M | $18.2M | $6.5M | $23.3M | — | — |
| Interest expense | $18.8M | $18.3M | $25.5M | $53.9M | $34.3M | $13.7M | $29.6M | $189M | — | — |
| Pretax income | $112M | $135M | $156M | $218M | $153M | $157M | $348M | $315M | $247M | $262M |
| Income tax | $35.4M | $47.3M | $34.3M | $52.9M | $31.7M | $35.7M | $83.9M | $75.6M | $55.0M | $57.0M |
| Net income | $76.6M | $87.2M | $122M | $165M | $121M | $121M | $264M | $240M | $192M | $205M |
| Diluted EPS | $2.90 | $3.19 | $4.40 | $5.03 | $3.64 | $3.47 | $5.69 | $5.42 | $4.52 | $4.44 |
| Diluted shares | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.05B | 0.04B | 0.04B | 0.05B |
| Cash flow | ||||||||||
| Cash from operations | $92.9M | $131M | $142M | $217M | $64.6M | $190M | $421M | $277M | $230M | $251M |
| Capital expenditure | $10.4M | $25.1M | $11.1M | $16.6M | $12.6M | $25.2M | $22.1M | $15.8M | $20.4M | $12.1M |
| Free cash flow | $82.5M | $106M | $131M | $200M | $52.1M | $165M | $399M | $261M | $209M | $239M |
| Depreciation and amortization | $14.4M | $15.8M | $15.6M | $19.4M | $27.3M | $32.8M | $38.8M | $36.1M | $40.9M | $42.1M |
| Stock-based compensation | $3.0M | $3.3M | $4.2M | $4.4M | $4.1M | $4.3M | $4.5M | $6.4M | $6.5M | $9.0M |
| Acquisitions | — | — | $6.9M | $105M | $0.0M | — | — | — | — | — |
| Share buybacks | — | — | $0.0M | $0.0M | $95.1M | $0.0M | $140M | $189M | $31.0M | $60.8M |
| Dividends paid | $29.7M | $34.0M | $40.2M | $53.3M | $60.8M | $62.7M | $93.7M | $98.0M | $96.2M | $104M |
| Dividends and buybacks | $29.7M | $34.0M | $40.2M | $53.3M | $156M | $62.7M | $234M | $287M | $127M | $165M |
| Balance sheet | ||||||||||
| Cash and short-term investments | — | — | — | $151M | $1.3B | $2.2B | $353M | $224M | $220M | $772M |
| Total debt | $108M | $108M | $0.0M | $125M | $32.8M | $14.1M | $113M | $113M | $62.9M | $359M |
| Loans, net | $5.9B | $6.3B | $6.8B | $8.8B | $9.3B | $13.4B | $13.8B | $14.1B | — | — |
| Deposits | $6.4B | $6.7B | $7.4B | $9.1B | $11.0B | $16.9B | $15.9B | $14.9B | $15.3B | $20.1B |
| Property and equipment, net | $78.5M | $94.7M | $97.6M | $124M | $116M | $196M | $197M | $193M | $193M | $218M |
| Goodwill | $222M | $256M | $506M | $506M | $506M | $985M | $985M | $985M | $985M | $1.1B |
| Intangible assets | $9.8M | $9.3M | $15.3M | $29.3M | $23.1M | $32.8M | $25.1M | $18.2M | $12.3M | $134M |
| Total assets | $7.7B | $8.1B | $8.9B | $11.4B | $13.2B | $20.4B | $19.3B | $19.3B | $19.4B | $24.9B |
| Total liabilities | $6.8B | $7.1B | $7.8B | $9.7B | $11.5B | $17.4B | $16.4B | $16.5B | $16.4B | $21.3B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $865M | $944M | $1.1B | $1.7B | $1.7B | $3.0B | $2.9B | $2.9B | $3.0B | $3.6B |
| Margins | ||||||||||
| Net margin | 24.7% | 25.5% | 31.5% | 32.5% | 25.3% | 23.8% | 36.2% | 32.8% | 27.8% | 23.9% |
| FCF margin | 26.6% | 31.0% | 33.8% | 39.3% | 10.9% | 32.5% | 54.8% | 35.7% | 30.4% | 27.9% |
| Net interest share of revenue | 73.4% | 75.7% | 77.1% | 77.3% | 76.7% | 79.1% | 84.2% | 83.0% | 81.4% | 82.7% |
| Efficiency ratio | 61.9% | 59.8% | 58.4% | 55.9% | 57.1% | 65.5% | 51.3% | 53.7% | 58.9% | 61.8% |
| Returns | ||||||||||
| Return on equity | 8.9% | 9.6% | 12.1% | 11.9% | 7.1% | 5.1% | 8.9% | 8.3% | 6.5% | 6.3% |
| Return on assets | 1.0% | 1.1% | 1.4% | 1.6% | 1.0% | 0.7% | 1.3% | 1.2% | 1.0% | 0.9% |
| Return on tangible equity | 12.1% | 12.9% | 22.0% | 14.1% | 10.3% | 6.0% | 14.1% | 12.7% | 9.6% | 8.8% |
| Growth | ||||||||||
| Revenue growth | — | 10.2% | 13.1% | 31.5% | −5.8% | 5.9% | 43.5% | 0.4% | −5.7% | 24.3% |
| Net income growth | — | 13.8% | 39.5% | 35.8% | −26.6% | −0.1% | 118.0% | −9.2% | −19.8% | 6.8% |
| EPS growth | — | 10.0% | 37.9% | 14.3% | −27.6% | −4.7% | 64.0% | −4.7% | −16.6% | −1.8% |
| FCF growth | — | 28.3% | 23.5% | 52.9% | −74.0% | 217.0% | 141.9% | −34.6% | −19.8% | 14.1% |
| Share count change | — | 3.5% | 1.0% | 18.8% | 1.3% | 4.8% | 33.0% | −4.7% | −3.8% | 8.7% |
| Financial health | ||||||||||
| Debt / equity | 0.1x | 0.1x | 0.0x | 0.1x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.1x |
| Loans / deposits | 92.6% | 93.5% | 92.1% | 96.3% | 84.4% | 79.4% | 86.8% | 95.1% | — | — |
| Provision / loans | 0.1% | 0.0% | 0.1% | 0.1% | 0.6% | 0.1% | 0.0% | 0.2% | — | — |
| Capital allocation | ||||||||||
| Capex / revenue | 3.4% | 7.3% | 2.9% | 3.3% | 2.6% | 5.0% | 3.0% | 2.2% | 3.0% | 1.4% |
| Stock comp / revenue | 1.0% | 1.0% | 1.1% | 0.9% | 0.9% | 0.8% | 0.6% | 0.9% | 0.9% | 1.0% |
| Payouts / FCF | 36.0% | 32.2% | 30.7% | 26.6% | 299.6% | 38.0% | 58.5% | 109.9% | 60.7% | 68.9% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 6.0 | 5.0 | 3.0 | 4.0 | 5.0 | 6.0 | 5.0 | 3.0 |
| Accruals ratio | −0.2% | −0.6% | −0.2% | −0.5% | 0.5% | −0.4% | −0.8% | −0.2% | −0.2% | −0.2% |
Source: SEC EDGAR XBRL filings (CIK 0000776901). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.