Tearsheet

Independent Bank (INDB)

Market Price (4/15/2026): $79.99 | Market Cap: $4.0 Bil
Sector: Financials | Industry: Regional Banks

Independent Bank (INDB)

Market Price (4/15/2026): $79.99
Market Cap: $4.0 Bil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.8%, FCF Yield is 6.0%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 24%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%

Low stock price volatility
Vol 12M is 28%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.

Weak multi-year price returns
3Y Excs Rtn is -29%

Key risks
INDB key risks include [1] its elevated exposure to commercial real estate and the resulting pressure on asset quality, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.8%, FCF Yield is 6.0%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 24%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%
3	Low stock price volatility Vol 12M is 28%
4	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.
5	Weak multi-year price returns 3Y Excs Rtn is -29%
6	Key risks INDB key risks include [1] its elevated exposure to commercial real estate and the resulting pressure on asset quality, Show more.

Valuation, Metrics & Events

	4/15/26	2025	2024	2023	2022
Share Price CYE	$79.99	$62.65	$52.02	$65.62	$81.69
Market Cap CYE ($ Bil)	4.0	2.7	2.2	3.0	3.9
Total Debt ($ Bil)	0.8	0.9	1.0	1.0	0.1
Total Cash ($ Bil)	0.8	0.7	0.2	0.5	1.8
Enterprise Value ($ Bil)	4.0	3.6	3.2	4.0	4.0
Valuation Ratios
P/S TTM	4.7	3.9	3.2	4.0	7.1
P/EBIT TTM	-	-	-	-	-
P/E TTM	19.3	14.1	9.8	10.9	29.2
P/FCF TTM	16.6	15.3	8.5	7.8	23.1
Sector Ratios
P/S TTM (Sector)	3.2	2.9	2.7	2.4	3.3
P/EBIT TTM (Sector)	6.7	8.1	7.4	7.3	7.0
P/E TTM (Sector)	11.5	11.2	9.8	8.3	9.9
P/FCF TTM (Sector)	8.9	8.5	7.7	6.0	7.6

	4/15/26	2025	2024
Share Price CYE	$79.99	$62.65	$52.02
Market Cap CYE ($ Bil)	4.0	2.7	2.2
Total Debt ($ Bil)	0.8	0.9	1.0
Total Cash ($ Bil)	0.8	0.7	0.2
Enterprise Value ($ Bil)	4.0	3.6	3.2
Valuation Ratios
P/S TTM	4.7	3.9	3.2
P/EBIT TTM	-	-	-
P/E TTM	19.3	14.1	9.8
P/FCF TTM	16.6	15.3	8.5
Sector Ratios
P/S TTM (Sector)	3.2	2.9	2.7
P/EBIT TTM (Sector)	6.7	8.1	7.4
P/E TTM (Sector)	11.5	11.2	9.8
P/FCF TTM (Sector)	8.9	8.5	7.7

	INDB	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.8
Rev Chg Q	44.2%	7.5%
Rev Chg LTM	24.5%	6.8%
Rev Chg 3Y Avg	6.3%	5.7%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.2
CFO/Rev LTM	29.7%	20.6%
Net Inc Mgn	24.3%	12.8%
VALUATION	MODERATE
P/S	4.7	3.3
P/CFO	15.8	15.5
P/FCF	16.6	20.1
P/E	19.3	24.3

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Metric	Value	Date	Source
Assets Under Administration	9.2 billion	9302025	Link
Number of Branches	122	2282024	Link
Efficiency Ratio	59.84%	7172025	Link
Nonperforming Assets to Total Assets Ratio	0.35%	9302025	Link
Annualized Net Charge-off Rate	0.18%	6302025	Link
Number of Employees	1790	9302025	Link

Recent
3/30/2026	Dividend	Amount: $0.64 Payment On: 4/09/2026
Upcoming
4/16/2026	Earnings Release	Rev: $251 Mil (E) EPS: $1.69 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Independent Bank (INDB) stock has gained about 10% since 12/31/2025 because of the following key factors:

1. Independent Bank (INDB) reported strong fourth-quarter 2025 financial results, surpassing analyst expectations. The company's Q4 2025 earnings per share (EPS) reached $1.70, exceeding the consensus estimate of $1.65 by $0.05. Quarterly revenue was also robust at $253.93 million, outperforming analyst estimates of $249.64 million. This performance was further supported by an expansion in the net interest margin to 3.77% (reported) and 3.64% (adjusted), representing a 10 basis point increase from the previous quarter, despite a challenging interest rate environment.

2. The company announced an increase in its quarterly dividend, signaling improved profitability and a commitment to shareholder returns. Independent Bank Corp. declared an 8.5% increase in its quarterly dividend, raising it to $0.64 per share. This dividend is payable on April 9, 2026, and reflects enhanced profitability and a dedication to providing sustainable returns on capital to shareholders.

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Stock Movement Drivers

Fundamental Drivers

The 10.5% change in INDB stock from 12/31/2025 to 4/14/2026 was primarily driven by a 9.8% change in the company's Total Revenues ($ Mil).

(LTM values as of)	12312025	4142026	Change
Stock Price ($)	72.45	80.04	10.5%
Change Contribution By:
Total Revenues ($ Mil)	770	845	9.8%
Net Income Margin (%)	23.4%	24.3%	3.9%
P/E Multiple	20.1	19.3	-4.0%
Shares Outstanding (Mil)	50	49	0.9%
Cumulative Contribution			10.5%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/14/2026

	Return	Correlation
INDB	10.5%
Market (SPY)	-5.4%	35.8%
Sector (XLF)	-5.5%	65.9%

Fundamental Drivers

The 17.6% change in INDB stock from 9/30/2025 to 4/14/2026 was primarily driven by a 25.5% change in the company's P/E Multiple.

(LTM values as of)	9302025	4142026	Change
Stock Price ($)	68.03	80.04	17.6%
Change Contribution By:
Total Revenues ($ Mil)	701	845	20.5%
Net Income Margin (%)	26.9%	24.3%	-9.7%
P/E Multiple	15.4	19.3	25.5%
Shares Outstanding (Mil)	43	49	-13.9%
Cumulative Contribution			17.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/14/2026

	Return	Correlation
INDB	17.6%
Market (SPY)	-2.9%	42.5%
Sector (XLF)	-3.5%	66.0%

Fundamental Drivers

The 32.2% change in INDB stock from 3/31/2025 to 4/14/2026 was primarily driven by a 44.2% change in the company's P/E Multiple.

(LTM values as of)	3312025	4142026	Change
Stock Price ($)	60.54	80.04	32.2%
Change Contribution By:
Total Revenues ($ Mil)	679	845	24.5%
Net Income Margin (%)	28.3%	24.3%	-14.2%
P/E Multiple	13.4	19.3	44.2%
Shares Outstanding (Mil)	42	49	-14.1%
Cumulative Contribution			32.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/14/2026

	Return	Correlation
INDB	32.2%
Market (SPY)	16.3%	60.5%
Sector (XLF)	5.0%	70.2%

Fundamental Drivers

The 37.0% change in INDB stock from 3/31/2023 to 4/14/2026 was primarily driven by a 91.1% change in the company's P/E Multiple.

(LTM values as of)	3312023	4142026	Change
Stock Price ($)	58.43	80.04	37.0%
Change Contribution By:
Total Revenues ($ Mil)	720	845	17.3%
Net Income Margin (%)	36.6%	24.3%	-33.7%
P/E Multiple	10.1	19.3	91.1%
Shares Outstanding (Mil)	46	49	-7.8%
Cumulative Contribution			37.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/14/2026

	Return	Correlation
INDB	37.0%
Market (SPY)	63.3%	46.3%
Sector (XLF)	68.2%	64.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
INDB Return	14%	6%	-19%	2%	18%	10%	30%
Peers Return	31%	-13%	-2%	19%	14%	14%	74%
S&P 500 Return	27%	-19%	24%	23%	16%	-0%	81%
Monthly Win Rates [3]
INDB Win Rate	42%	50%	33%	42%	67%	50%
Peers Win Rate	62%	50%	42%	46%	58%	75%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
INDB Max Drawdown	-5%	-7%	-47%	-29%	-16%	0%
Peers Max Drawdown	-2%	-19%	-35%	-17%	-20%	-0%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: EBC, WBS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/14/2026 (YTD)

How Low Can It Go

Unique Key	Event	INDB	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-55.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	123.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-39.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	65.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	149 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-29.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	42.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	559 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-69.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	229.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,583 days	1,480 days

Compare to EBC, WBS

In The Past

Independent Bank's stock fell -55.2% during the 2022 Inflation Shock from a high on 3/12/2021. A -55.2% loss requires a 123.4% gain to breakeven.

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About Independent Bank (INDB)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit. It also offers commercial and industrial, commercial real estate and construction, small business, consumer real estate, and personal loans. In addition, the company provides investment management and trust services to individuals, institutions, small businesses, and charitable institutions; Internet and mobile banking services, as well as estate settlement, financial planning, tax services, and other services; automated teller machine and debit cards; and mutual fund and unit investment trust shares, general securities, fixed and variable annuities, and life insurance products. As of December 31, 2021, it operates one hundred nineteen retail branches, two limited-service retail branches, and one mobile branch located within Barnstable, Bristol, Dukes, Essex, Middlesex, Nantucket, Norfolk, Plymouth, Suffolk, and Worcester counties in Eastern Massachusetts. The company was founded in 1907 and is headquartered in Rockland, Massachusetts.

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A regional Bank of America serving individuals and businesses in Eastern Massachusetts.

The local version of a full-service bank like JPMorgan Chase, but operating across Eastern Massachusetts.

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Deposit Accounts: Provides various accounts including checking, savings, money market, demand deposits, and time certificates of deposit.
Loans: Offers a range of loans such as commercial, industrial, real estate, construction, small business, consumer real estate, and personal loans.
Investment Management & Trust Services: Delivers investment management and trust services to individuals, institutions, businesses, and charities.
Digital Banking Services: Supplies Internet and mobile banking services for customer convenience.
Financial Planning & Advisory Services: Offers estate settlement, financial planning, and tax services.
Payment Cards: Provides automated teller machine (ATM) and debit cards.
Investment Products: Sells mutual funds, unit investment trusts, general securities, annuities, and life insurance.

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Independent Bank Corp. (INDB) primarily serves individuals and small-to-medium sized businesses within its operating region in Eastern Massachusetts. Its major customers can be categorized as follows:

Individuals: This category includes consumers seeking personal banking services such as checking accounts, savings accounts, money market accounts, demand deposits, time certificates of deposit, consumer real estate loans, personal loans, investment management, trust services, financial planning, and other related banking products.
Small-to-Medium Sized Businesses: This category encompasses various enterprises that utilize commercial banking products and services, including commercial and industrial loans, commercial real estate and construction loans, and small business loans.
Institutions and Charitable Organizations: Independent Bank also provides investment management and trust services to a range of institutions and charitable bodies.

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Jack Henry & Associates (JKHY)

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The management team members for Independent Bank (symbol: INDB) are as follows:

Jeff Tengel, Chief Executive Officer and President

Mr. Tengel was appointed CEO in February 2023. Prior to joining Independent Bank Corp., he served as head of commercial specialty banking at M&T Bank. Before M&T's acquisition of People's United Financial in 2022, Mr. Tengel was president of People's United, where he was responsible for commercial banking, retail banking, and wealth management. He joined People's United in 2010, having previously held executive positions at other large regional banks.

Mark Ruggiero, Chief Financial Officer

Mr. Ruggiero was appointed Executive Vice President and Chief Financial Officer on September 14, 2020. Before his role at Independent Bank Corp., he served as Chief Financial Officer of Star Financial Bank in Fort Wayne, Indiana. Mr. Ruggiero holds an undergraduate degree from Miami (Ohio) University and an MBA from Indiana University.

Gerard Nadeau, President, Rockland Trust Company

Mr. Nadeau serves as the President of Rockland Trust Company. He is also a Director of the company.

Patricia Natale, General Counsel and Corporate Secretary

Ms. Natale holds the positions of General Counsel and Corporate Secretary. She was appointed General Counsel on August 23, 2023.

Kathryn O'Malley, Chief Credit Officer, Rockland Trust Company

Ms. O'Malley serves as the Chief Credit Officer for Rockland Trust Company.

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Here are the key risks to the business of Independent Bank (INDB):

Interest Rate Risk and Net Interest Margin (NIM) Compression: Independent Bank faces significant risks related to fluctuations in interest rates, which can adversely affect its financial condition and operating results. Factors such as inflation and global instability can impact interest rates, affecting loan demand and leading to net interest margin compression due to rising deposit costs.
Geographic Concentration and Regional Economic Downturns: The company's lending activities are heavily concentrated in its operating footprint, primarily in Eastern Massachusetts, Worcester County, and Rhode Island. This geographic concentration makes the bank vulnerable to adverse economic conditions or downturns in the real estate market within this specific region, potentially impacting its substantial real estate-secured loan portfolio.
Regulatory, Compliance, and Competitive Pressures: Independent Bank operates in a highly regulated and competitive environment. Increased regulatory scrutiny in the financial services industry can lead to higher compliance costs and potential changes in laws affecting the company. Additionally, the bank faces intense competition from various financial institutions, including larger banks, credit unions, and online lenders, which can hinder its ability to grow and maintain profitability. The need to keep pace with rapid technological advancements and address cybersecurity threats further adds to these operational challenges.

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Independent Bank (symbol: INDB) operates primarily in Massachusetts and provides a range of commercial banking products and services, as well as investment management and trust services. The addressable markets for its main offerings in Massachusetts are as follows:

Commercial Banking: The market size for the Commercial Banking industry in Massachusetts is estimated to be $34.3 billion in 2026. This market encompasses services such as deposits (interest checking, money market, savings accounts, demand deposits, and time certificates of deposit) and various types of loans, including commercial and industrial, commercial real estate and construction, small business, consumer real estate, and personal loans.
Investment Management and Trust Services: The market size for the Portfolio Management & Investment Advice industry in Massachusetts is projected to be $52.7 billion in 2026. This includes services like investment management, trust services, fee-based financial investment advice, and financial planning, which cover mutual funds, unit investment trusts, general securities, fixed and variable annuities, and life insurance products.

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Independent Bank (INDB) is expected to drive future revenue growth over the next two to three years through several key strategies:

Strategic Acquisitions: The successful integration of the Enterprise Bancorp acquisition, completed in the fourth quarter of 2025, is a significant driver. This merger is anticipated to expand Independent Bank's footprint into northern Massachusetts and New Hampshire, leading to sustained growth in net interest income and enhanced profitability. The acquisition is projected to increase total assets to approximately $25 billion.
Commercial and Industrial (C&I) Loan Growth: The company is forecasting strong growth in its commercial and industrial loan portfolio. Following a 14.2% year-over-year expansion in commercial balances in Q4 2025, the bank expects commercial balances to continue rising at a low double-digit pace in 2026, contributing significantly to overall revenue growth. The company's C&I loan production was up 28% in 2024, and it is also expanding into a newly established not-for-profit vertical within its commercial banking business.
Net Interest Margin (NIM) Expansion: Independent Bank anticipates continued expansion of its net interest margin, a crucial measure of lending profitability. The net interest margin increased to 3.77% in Q4 2025, driven by lower deposit costs. The bank projects net interest income growth of 7-8% in 2026, with a full-year margin expansion of approximately 18-23 basis points, supported by an improved funding mix and disciplined asset pricing.
Core Deposit Growth: Expected growth in core deposits will provide a stable and cost-effective funding source, supporting loan growth and overall profitability. The company's 2026 guidance includes a forecast for low- to mid-single digit growth in core deposits. In Q1 2025, deposits grew by 2.4% to $15.7 billion, and core households experienced net growth in 2024.
Growth in Investment Management and Trust Services: Independent Bank's wealth management segment is a driver of non-interest income. The Investment Management Group surpassed $7 billion in Assets Under Administration as of August 31, 2024. Analysts expect "Investment management and advisory" income to reach $11.46 million, contributing to an anticipated "Total Non-Interest Income" of $38.68 million. This growth reflects the company's ability to attract and manage client assets, diversifying its revenue streams.

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Share Repurchases

Independent Bank Corp. announced a new share repurchase program of up to $150 million in July 2025.
Under this program, the company repurchased approximately 913,000 shares for $60.9 million in the second half of 2025, and about 626,000 shares for $50.0 million in the first quarter of 2026 through March 6.
In the fourth quarter of 2023, Independent Bank Corp. bought back approximately 1.28 million shares at a total cost of $69 million.

Share Issuance

As part of the acquisition of Enterprise Bancorp, Inc. in July 2025, Independent Bank Corp. issued approximately 7.5 million shares of its common stock to former Enterprise Bancorp Inc. shareholders.
The number of shares outstanding for Independent Bank Corp. increased by 16.37% in 2025 to 49.45 million, largely due to the Enterprise Bancorp acquisition.
Share issuances also occurred in previous years, with shares outstanding increasing by 22.42% in 2021 to 40.35 million and by 13.1% in 2022 to 45.64 million, primarily associated with acquisitions and capital raises.

Outbound Investments

Independent Bank Corp. completed the acquisition of Enterprise Bancorp, Inc. in a cash-and-stock transaction valued at approximately $562 million, which closed on July 1, 2025.
This acquisition significantly expanded the bank's footprint into northern Massachusetts and enhanced its wealth management business, boosting total assets to $25.0 billion and wealth assets under administration to $9.2 billion by September 30, 2025.
In April 2021, the company acquired East Boston Savings Bank, which further deepened its presence in eastern Massachusetts.

Capital Expenditures

Capital expenditures for Independent Bank Corp. were $12.14 million in the last twelve months (as of March 2026).
Annual capital expenditures were reported as $12 million in 2025, $20 million in 2024, and $16 million in 2023.
A key focus of capital expenditures includes investments in new technology platforms and upgrading the core operating system, with one-time costs of $4-5 million expected in 2026 for a core system upgrade.

Interactive Breakdown

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Better Bets vs. Independent Bank (INDB)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Can Independent Bank Stock Hold Up When Markets Turn?	10/17/2025
2	Why Independent Bank Stock Moved: INDB Stock Has Gained 20% Since 2023 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)	08/08/2025
3	Independent Bank (INDB) Valuation Ratios Comparison	08/08/2025
4	INDB Dip Buy Analysis	07/10/2025
5	Time To Buy Independent Bank Stock?	02/28/2025
6	Independent Bank (INDB) Operating Cash Flow Comparison	02/17/2025
7	Independent Bank (INDB) Net Income Comparison	02/15/2025
8	Fundamental Metrics: ...	06/19/2024
9	ARTICLES
10	Small Cap Stocks Trading At 52-Week High	01/31/2026

	Title
0	DASHBOARDS
1	Can Independent Bank Stock Hold Up When Markets Turn?
2	Why Independent Bank Stock Moved: INDB Stock Has Gained 20% Since 2023 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
3	Independent Bank (INDB) Valuation Ratios Comparison
4	INDB Dip Buy Analysis
5	Time To Buy Independent Bank Stock?
6	Independent Bank (INDB) Operating Cash Flow Comparison
7	Independent Bank (INDB) Net Income Comparison
8	Fundamental Metrics: ...
9	ARTICLES
10	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select ideas related to INDB.

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HBAN_3312026_Insider_Buying_45D_2Buy_200K	03312026	HBAN	Huntington Bancshares	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
NP_3312026_Insider_Buying_45D_2Buy_200K	03312026	NP	Neptune Insurance	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper	03272026	JKHY	Jack Henry & Associates	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	3.1%	3.1%	0.0%
MKTX_3202026_Dip_Buyer_FCFYield	03202026	MKTX	MarketAxess	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.2%	-5.2%	-5.7%
RYAN_3202026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03202026	RYAN	Ryan Specialty	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-2.7%	-2.7%	-8.5%
INDB_9302018_Quality_Momentum_RoomToRun_10%	09302018	INDB	Independent Bank	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-0.8%	-7.5%	-19.9%
INDB_1312017_Quality_Momentum_RoomToRun_10%	01312017	INDB	Independent Bank	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	17.1%	17.2%	-3.2%

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STAA	Staar Surgical	1.2	-9.0%	5.8%
POET	POET Technologies	0.6	-8.1%	6.0%
DOCN	DigitalOcean	6.7	-8.0%	52.6%
BKSY	BlackSky Technology	1.1	-7.9%	70.9%
WTI	W&T Offshore	0.4	-7.9%	72.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVNS	Avanos Medical	1.1	79.9%	119.3%
CAR	Avis Budget	14.5	61.3%	220.7%
BE	Bloom Energy	57.8	61.2%	152.1%
RVMD	Revolution Medicines	28.6	52.7%	84.6%
CRDO	Credo Technology	29.1	49.4%	10.9%
LWLG	Lightwave Logic	1.7	48.8%	277.2%
AXTI	AXT	3.0	48.0%	311.6%
AEHR	Aehr Test Systems	2.2	48.0%	268.4%
ALAB	Astera Labs	28.9	43.4%	2.5%
OGN	Organon	2.3	42.2%	21.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
REPL	Replimune	0.2	-75.0%	-79.9%
FSLY	Fastly	3.2	-33.7%	105.8%
BETR	Better Home & Finance	0.5	-22.5%	6.7%
AKAM	Akamai Technologies	12.8	-22.0%	1.8%
TBN	Tamboran Resources	0.7	-21.8%	30.2%
VG	Venture Global	30.6	-21.8%	83.7%
SMPL	Simply Good Foods	1.1	-21.2%	-43.3%
OKTA	Okta	11.4	-19.2%	-25.9%
KOS	Kosmos Energy	1.2	-17.5%	175.5%
NET	Cloudflare	62.7	-17.4%	-9.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
XLO	Xilio Therapeutics	0.6	1584.0%	-4.2%
CAR	Avis Budget	14.5	308.7%	220.7%
SATL	Satellogic	1.0	145.8%	290.4%
APLS	Apellis Pharmaceuticals	5.2	115.7%	62.6%
AEHR	Aehr Test Systems	2.2	108.5%	268.4%
KOD	Kodiak Sciences	2.4	94.4%	61.2%
AVNS	Avanos Medical	1.1	79.9%	119.3%
HTZ	Hertz Global	2.2	79.7%	36.0%
KODK	Eastman Kodak	1.2	77.8%	46.5%
CBIO	Crescent Biopharma	0.6	74.6%	64.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
REPL	Replimune	0.2	-72.7%	-79.9%
VRDN	Viridian Therapeutics	1.4	-47.0%	-51.2%
MAZE	Maze Therapeutics	1.3	-44.9%	-33.2%
WVE	WAVE Life Sciences	1.3	-43.2%	-56.5%
BUR	Burford Capital	1.0	-40.5%	-47.2%
TE	T1 Energy	0.8	-36.2%	-27.2%
FRMI	Fermi	3.1	-33.7%	-34.0%
ADMA	ADMA Biologics	2.5	-30.8%	-42.5%
FIG	Figma	9.5	-29.2%	-50.7%
SAIL	SailPoint	6.2	-28.0%	-45.0%

Peer Comparisons

Peers to compare with:

Financials

	INDB	EBC	WBS	Median
Name	Independ.	Eastern .	Webster .
Mkt Price	80.04	20.67	72.60	72.60
Mkt Cap	4.0	4.5	11.6	4.5
Rev LTM	845	721	2,886	845
Op Inc LTM	-	-	-	-
FCF LTM	239	413	1,009	413
FCF 3Y Avg	237	312	1,105	312
CFO LTM	251	432	1,058	432
CFO 3Y Avg	253	326	1,147	326

Growth & Margins

	INDB	EBC	WBS	Median
Name	Independ.	Eastern .	Webster .
Rev Chg LTM	24.5%	-0.5%	11.4%	11.4%
Rev Chg 3Y Avg	6.3%	25.6%	5.4%	6.3%
Rev Chg Q	44.2%	37.3%	11.4%	37.3%
QoQ Delta Rev Chg LTM	9.8%	12.0%	2.7%	9.8%
Op Mgn LTM	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-
CFO/Rev LTM	29.7%	60.0%	36.7%	36.7%
CFO/Rev 3Y Avg	34.0%	61.0%	42.6%	42.6%
FCF/Rev LTM	28.3%	57.3%	35.0%	35.0%
FCF/Rev 3Y Avg	31.8%	58.6%	41.1%	41.1%

Valuation

	INDB	EBC	WBS	Median
Name	Independ.	Eastern .	Webster .
Mkt Cap	4.0	4.5	11.6	4.5
P/S	4.7	6.2	4.0	4.7
P/EBIT	-	-	-	-
P/E	19.3	50.5	11.6	19.3
P/CFO	15.8	10.3	11.0	11.0
Total Yield	7.8%	4.4%	10.9%	7.8%
Dividend Yield	2.6%	2.4%	2.3%	2.4%
FCF Yield 3Y Avg	7.8%	9.7%	11.8%	9.7%
D/E	0.2	0.0	0.3	0.2
Net D/E	-0.1	-0.0	0.1	-0.0

Returns

	INDB	EBC	WBS	Median
Name	Independ.	Eastern .	Webster .
1M Rtn	8.0%	10.0%	8.0%	8.0%
3M Rtn	9.9%	9.1%	16.1%	9.9%
6M Rtn	16.5%	11.1%	23.7%	16.5%
12M Rtn	52.5%	47.3%	71.8%	52.5%
3Y Rtn	45.6%	95.3%	115.2%	95.3%
1M Excs Rtn	3.0%	5.0%	2.9%	3.0%
3M Excs Rtn	8.6%	8.0%	15.6%	8.6%
6M Excs Rtn	17.9%	11.3%	25.5%	17.9%
12M Excs Rtn	20.2%	17.0%	44.7%	20.2%
3Y Excs Rtn	-29.0%	11.6%	46.3%	11.6%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/27/2026	2/27/2026	2/28/2025	2/28/2024	2/28/2023	2/28/2022	2/26/2021
Key Financials
Total Revenue	845	849	683	722	720	502	473
Net Income	205	205	192	240	264	121	121
EPS	4.45	4.44	4.52	5.42	5.69	3.47	3.64
Growth Rates
Total Revenue Growth	24.5%	24.3%	-5.4%	0.3%	43.4%	6.2%	-5.9%
Net Income Growth	6.8%	6.8%	-19.8%	-9.2%	118.0%	-0.1%	-26.6%
Margins
Net Income Margin	24.3%	24.2%	28.1%	33.2%	36.6%	24.1%	25.6%
Cash & Debt
Total Cash	1,209	1,209	1,471	1,559	1,752	3,812	1,709
Total Debt	826	826	701	1,218	113	152	181
Net Debt / (Cash)	-383	-383	-769	-340	-1,639	-3,659	-1,528
Cash Flows
Net Cash from Operations	251	251	230	277	421	190	65
Free Cash from Operations	239	239	209	261	399	165	52
Returns to Shareholders
Dividends	104	104	96	98	94	63	61
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/27/2026	11/5/2025	8/5/2025	5/7/2025	2/28/2025	11/7/2024	8/6/2024	5/8/2024	2/28/2024	11/2/2023	8/3/2023	5/4/2023
Key Financials Quarterly
Total Revenue	245	244	180	176	170	175	169	165	175	181	181	185
Net Income	75	34	51	44	50	43	51	48	55	61	63	61
EPS	1.52	0.69	1.20	1.04	1.18	1.01	1.21	1.12	1.26	1.38	1.42	1.36
Key Financials TTM
Total Revenue TTM	845	770	701	690	679	684	690	702	722	746	754	743
Net Income TTM	205	180	189	189	192	197	215	226	240	262	273	272
Growth Rates Quarterly
Total Revenue Growth	44.2%	39.1%	6.6%	6.8%	-2.7%	-3.2%	-6.9%	-10.9%	-11.9%	-4.1%	6.0%	14.3%
Net Income Growth	50.6%	-20.2%	-0.4%	-7.0%	-8.7%	-29.4%	-18.1%	-22.0%	-28.9%	-15.4%	1.4%	15.3%
Margins Quarterly
Net Income Margin	30.7%	14.1%	28.4%	25.2%	29.4%	24.5%	30.4%	29.0%	31.3%	33.6%	34.6%	33.1%
Cash & Debt
Total Cash	1,209	1,287	2,188	2,001	1,471	1,672	1,535	1,494	1,559	1,574	1,681	1,908
Total Debt	826	775	759	860	701	663	693	1,025	1,218	1,000	901	992
Net Debt / (Cash)	-383	-512	-1,428	-1,141	-769	-1,008	-841	-469	-340	-574	-780	-916
Cash Flows Quarterly
FCF from Operations	79	52	107	13	43	70	66	51	54	81	91	51
Cash Flows TTM
FCF from Operations TTM	251	215	233	192	230	241	252	277	277	339	391	397
Returns to Shareholders Quarterly
Dividends	29	25	25	24	24	24	24	24	24	24	24	25
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	15.7%	7.6%	47.7%	25.4%	19.0%	20.9%	21.6%	14.5%	14.8%	19.2%	23.5%	26.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	10.7%	9.9%	44.0%	26.9%	18.3%	23.9%	22.6%	17.2%	16.2%	20.7%	25.6%	28.8%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Community banking	683	722	720	502	473
Total	683	722	720	502	473

Price Behavior

Price Behavior

Market Price	$80.04
Market Cap ($ Bil)	4.0
First Trading Date	03/27/1990
Distance from 52W High	-6.1%
	50 Days	200 Days
DMA Price	$78.60	$71.48
DMA Trend	up	indeterminate
Distance from DMA	1.8%	12.0%
	3M	1YR
Volatility	25.6%	27.9%
Downside Capture	0.13	0.36
Upside Capture	109.61	104.56
Correlation (SPY)	34.1%	50.9%

INDB Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.25	0.50	0.72	0.90	0.99	1.07
Up Beta	-0.92	0.24	1.23	1.34	0.92	1.16
Down Beta	-0.13	0.07	0.40	0.92	1.18	1.06
Up Capture	49%	65%	96%	95%	95%	88%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	7	17	28	59	117	350
Down Capture	51%	75%	65%	70%	92%	102%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	15	25	34	65	132	396

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with INDB
INDB	52.7%	27.8%	1.50	-
Sector ETF (XLF)	14.0%	15.4%	0.65	65.8%
Equity (SPY)	24.2%	12.9%	1.49	50.4%
Gold (GLD)	53.4%	27.6%	1.55	-6.1%
Commodities (DBC)	26.8%	16.2%	1.47	0.2%
Real Estate (VNQ)	18.7%	13.8%	1.00	41.5%
Bitcoin (BTCUSD)	-6.8%	42.9%	-0.05	21.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with INDB
INDB	2.8%	32.1%	0.13	-
Sector ETF (XLF)	10.0%	18.7%	0.42	63.0%
Equity (SPY)	11.1%	17.0%	0.50	46.3%
Gold (GLD)	22.5%	17.8%	1.03	-2.4%
Commodities (DBC)	11.7%	18.8%	0.51	10.6%
Real Estate (VNQ)	3.9%	18.8%	0.11	44.0%
Bitcoin (BTCUSD)	5.8%	56.5%	0.32	16.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with INDB
INDB	9.1%	33.2%	0.34	-
Sector ETF (XLF)	13.1%	22.2%	0.54	69.3%
Equity (SPY)	14.0%	17.9%	0.67	53.1%
Gold (GLD)	14.3%	15.9%	0.75	-8.9%
Commodities (DBC)	8.8%	17.6%	0.42	17.8%
Real Estate (VNQ)	5.4%	20.7%	0.23	46.1%
Bitcoin (BTCUSD)	67.7%	66.9%	1.07	12.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	2.0 Mil
Short Interest: % Change Since 3152026	-2.5%
Average Daily Volume	0.4 Mil
Days-to-Cover Short Interest	5.5 days
Basic Shares Quantity	49.5 Mil
Short % of Basic Shares	4.0%

Returns Analyses

	Title
0	Can Independent Bank Stock Hold Up When Markets Turn?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
1/22/2026	-2.8%	-0.0%	-0.7%
10/16/2025	2.9%	5.8%	7.4%
7/17/2025	5.8%	1.4%	0.6%
4/17/2025	-2.2%	3.9%	15.8%
1/16/2025	4.9%	4.2%	9.4%
10/17/2024	-5.4%	-3.5%	11.0%
7/18/2024	2.5%	11.3%	6.0%
4/18/2024	2.2%	5.9%	7.1%
...
SUMMARY STATS
# Positive	13	16	18
# Negative	11	8	6
Median Positive	3.0%	4.1%	7.2%
Median Negative	-2.2%	-2.9%	-5.8%
Max Positive	5.8%	12.4%	25.1%
Max Negative	-5.4%	-10.8%	-23.6%

	Forward Returns
1/22/2026	-2.8%	-0.0%	-0.7%
10/16/2025	2.9%	5.8%	7.4%
7/17/2025	5.8%	1.4%	0.6%
4/17/2025	-2.2%	3.9%	15.8%
1/16/2025	4.9%	4.2%	9.4%
10/17/2024	-5.4%	-3.5%	11.0%
7/18/2024	2.5%	11.3%	6.0%
4/18/2024	2.2%	5.9%	7.1%
1/18/2024	-1.3%	-3.3%	-11.9%
10/19/2023	-4.6%	1.7%	19.3%
7/20/2023	4.0%	12.4%	3.7%
4/20/2023	-3.4%	-10.8%	-23.6%
1/19/2023	-2.9%	-1.3%	2.3%
10/20/2022	3.9%	6.8%	7.6%
7/21/2022	0.4%	3.1%	4.9%
4/21/2022	-2.1%	-2.0%	-0.6%
1/20/2022	4.5%	3.6%	6.7%
10/21/2021	1.7%	1.0%	1.6%
7/22/2021	0.7%	2.8%	12.9%
4/22/2021	3.0%	5.1%	0.7%
1/21/2021	-0.8%	-2.8%	8.1%
10/22/2020	4.7%	1.8%	25.1%
7/23/2020	-1.2%	-2.9%	-5.8%
4/23/2020	-1.2%	7.7%	-5.8%
SUMMARY STATS
# Positive	13	16	18
# Negative	11	8	6
Median Positive	3.0%	4.1%	7.2%
Median Negative	-2.2%	-2.9%	-5.8%
Max Positive	5.8%	12.4%	25.1%
Max Negative	-5.4%	-10.8%	-23.6%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/27/2026	10-K
09/30/2025	11/05/2025	10-Q
06/30/2025	08/05/2025	10-Q
03/31/2025	05/07/2025	10-Q
12/31/2024	02/28/2025	10-K
09/30/2024	11/07/2024	10-Q
06/30/2024	08/06/2024	10-Q
03/31/2024	05/08/2024	10-Q
12/31/2023	02/28/2024	10-K
09/30/2023	11/02/2023	10-Q
06/30/2023	08/03/2023	10-Q
03/31/2023	05/04/2023	10-Q
12/31/2022	02/28/2023	10-K
09/30/2022	11/03/2022	10-Q
06/30/2022	08/04/2022	10-Q
03/31/2022	05/05/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 1/22/2026

null

Prior: Q3 2025 Earnings Reported 10/16/2025

null

Insider Activity

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Venables, Thomas R	Direct	Sell	12082025	73.93	405	29,942	1,519,820	Form
2	Nadeau, Gerard F	Direct	Sell	12042025	74.11	2,000	148,226	1,511,539	Form
3	Nadeau, Gerard F	Direct	Sell	11242025	70.00	3,000	210,000	1,567,650	Form
4	Ansin, Ken S	Trust for Ronald M. Ansin Grandchildren	Sell	11172025	69.06	53,000	3,660,196	3,711,162	Form
5	Ansin, Ken S	Trust for Ronald M. Ansin Family Members	Sell	11122025	69.94	144,000	10,070,813	20,175,265	Form

INDB Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing INDB?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What INDB Makes & Who Pays

TTM figures based on

INDB Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Independent Bank (INDB)

Market Price (4/15/2026): $79.99 | Market Cap: $4.0 BilSector: Financials | Industry: Regional Banks

Independent Bank (INDB)

Market Price (4/15/2026): $79.99Market Cap: $4.0 BilSector: FinancialsIndustry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Independent Bank (INDB)

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Independent Bank (INDB)

Latest Trefis Analyses

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Bank Loans

FDA Approved Drugs Data

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Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

INDB Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Market Price (4/15/2026): $79.99 | Market Cap: $4.0 Bil
Sector: Financials | Industry: Regional Banks

Market Price (4/15/2026): $79.99
Market Cap: $4.0 Bil
Sector: Financials
Industry: Regional Banks