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    Independent Bank (INDB)

    Market Price (10/22/2026): $81.33 | Market Cap: $3.9 BilSector: Financials | Industry: Regional Banks

    Independent Bank (INDB)

    Market Price (10/22/2026): $81.33
    Market Cap: $3.9 Bil
    Sector: Financials
    Industry: Regional Banks

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

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.9%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.0%, FCF Yield is 7.8%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31%

    Low stock price volatility
    Vol 12M is 22%

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

    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 9.9%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.0%, FCF Yield is 7.8%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19%
    2 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41%
    3 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31%
    4 Low stock price volatility
    Vol 12M is 22%
    5 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.
    6 Key risks
    INDB key risks include [1] its elevated exposure to commercial real estate and the resulting pressure on asset quality, Show more.

    INDB in ETFs

    Weight = INDB's share of each fund

    VTI0.00%
    ITOT0.01%
    IWM0.13%
    IJR0.23%
    VIG0.02%
    VYM0.02%
    VB0.05%
    KRE0.95%
    +15 more covered ETFs

    Valuation & Metrics

    FYE: 12/31INDB [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$990.4 Mil—
    FY 2026 Sales$1.0 Bil—
    FY 2027 Sales$1.1 Bil—
    FY 2026 Sales Growth4.4%—
    FY 2027 Sales Growth4.7%13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$271.4 Mil—
    FY 2026 Net Income (Non-GAAP)$359.6 Mil—
    FY 2027 Net Income (Non-GAAP)$414.3 Mil—
    FY 2027 Net Income Growth15.2%18.6%
    FY 2026 EPS (Non-GAAP)$7.26—
    FY 2027 EPS (Non-GAAP)$8.33—
    FY 2027 EPS Growth14.7%—
    VALUATION
    FY 2026 P/S3.81.7
    FY 2027 P/S3.6—
    FY 2026 P/E10.97.9
    FY 2027 P/E9.4—

    [1] INDB forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    INDBS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)1.0
    Rev Chg Q39.5%9.3%
    Rev Chg LTM41.2%8.3%
    Rev Chg 3Y Avg11.5%5.9%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.3
    Net Inc LTM ($ Bil)0.3
    CFO/Rev LTM32.5%21.8%
    Net Inc Mgn27.4%13.3%
    VALUATIONLOW
    P/S3.93.1
    P/CFO12.115.1
    P/FCF12.919.8
    P/E14.423.0

    AI Analysis | Feedback

    MetricValueDateSource
    Assets Under Administration9.2 billion9302025Link
    Number of Branches1222282024Link
    Efficiency Ratio59.84%7172025Link
    Nonperforming Assets to Total Assets Ratio0.35%9302025Link
    Annualized Net Charge-off Rate0.18%6302025Link
    Number of Employees17909302025Link

    Price Chart

    Recent
    10/15/2026Earnings ReleaseRev: $261 Mil (A) vs. $261 Mil (E)
    EPS: 1.90 (A) vs. $1.85 (E)
    Upcoming
    1/28/2027Earnings ReleaseRev: $264 Mil (E)
    EPS: $1.95 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/21/2026

    Independent Bank (INDB) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

    1. Record Fiscal Q3 2026 Earnings Offset by Idiosyncratic Credit Quality Deterioration.

    Independent Bank reported record diluted earnings per share of $1.90 and net income of $89.7 million for fiscal Q3 2026 (the quarter ended September 30, 2026), marking a 12% increase from the prior quarter. This strong profitability was driven by robust loan growth of $158 million (nearly 3.5% annualized) and stable core net interest margin. However, this positive performance was significantly weighed down by a specific decline in asset quality, with nonperforming assets increasing to $126.2 million (0.5% of total assets), predominantly due to a $22.4 million office loan being placed on nonaccrual, leading to a $6.5 million provision for loan losses.

    2. Strategic Capital Deployment Through Share Repurchases Countered by Elevated Operational Expenses for Core Conversion.

    The company demonstrated a commitment to shareholder returns by repurchasing approximately 679,000 shares for $57.4 million during fiscal Q3 2026. This capital management strategy typically supports stock value. Conversely, Independent Bank continued to incur substantial operational expenses related to its core systems upgrade, totaling $2.2 million in fiscal Q3 2026 and bringing year-to-date costs to $5.5 million. Furthermore, the planned system upgrade was delayed from October 2026 to February 2027, with an expectation of an additional $1 million to $1.5 million in one-time expenses in fiscal Q4 2026, indicating ongoing pressure on operating costs.

    Show more
    Updated on 10/21/2026

    Independent Bank (INDB) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

    1. Record Fiscal Q3 2026 Earnings Offset by Idiosyncratic Credit Quality Deterioration.

    Independent Bank reported record diluted earnings per share of $1.90 and net income of $89.7 million for fiscal Q3 2026 (the quarter ended September 30, 2026), marking a 12% increase from the prior quarter. This strong profitability was driven by robust loan growth of $158 million (nearly 3.5% annualized) and stable core net interest margin. However, this positive performance was significantly weighed down by a specific decline in asset quality, with nonperforming assets increasing to $126.2 million (0.5% of total assets), predominantly due to a $22.4 million office loan being placed on nonaccrual, leading to a $6.5 million provision for loan losses.

    2. Strategic Capital Deployment Through Share Repurchases Countered by Elevated Operational Expenses for Core Conversion.

    The company demonstrated a commitment to shareholder returns by repurchasing approximately 679,000 shares for $57.4 million during fiscal Q3 2026. This capital management strategy typically supports stock value. Conversely, Independent Bank continued to incur substantial operational expenses related to its core systems upgrade, totaling $2.2 million in fiscal Q3 2026 and bringing year-to-date costs to $5.5 million. Furthermore, the planned system upgrade was delayed from October 2026 to February 2027, with an expectation of an additional $1 million to $1.5 million in one-time expenses in fiscal Q4 2026, indicating ongoing pressure on operating costs.

    3. Mixed Revenue Performance Amidst Broader Banking Sector Headwinds.

    While Independent Bank achieved a net interest margin of 3.89%, up 4 basis points from the previous quarter (with the adjusted margin remaining consistent at 3.76%), and experienced growth in deposits with non-time deposits increasing over $230 million (5.4% annualized), its fee income declined. Fee income fell approximately 3% sequentially to $41.2 million, primarily due to lower wealth management income and softer mortgage banking and loan-level swap activity. This internal divergence in revenue streams, combined with broader banking sector trends in fiscal Q3 2026, which saw many banks facing pressure from rising funding costs and narrowing net interest margins, contributed to the stock's largely stable performance.

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    Stock Movement Drivers

    Fundamental Drivers

    The -2.1% change in INDB stock from 6/30/2026 to 10/21/2026 was primarily driven by a -14.8% change in the company's P/E Multiple.
    (LTM values as of)630202610212026Change
    Stock Price ($)83.0681.30-2.1%
    Change Contribution By: 
    Total Revenues ($ Mil)9199907.7%
    Net Income Margin (%)26.2%27.4%4.7%
    P/E Multiple16.914.4-14.8%
    Shares Outstanding (Mil)49481.9%
    Cumulative Contribution-2.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/21/2026
    ReturnCorrelation
    INDB-2.1% 
    Market (SPY)3.5%24.7%
    Sector (XLF)4.5%54.9%

    Fundamental Drivers

    The 9.8% change in INDB stock from 3/31/2026 to 10/21/2026 was primarily driven by a 17.2% change in the company's Total Revenues ($ Mil).
    (LTM values as of)331202610212026Change
    Stock Price ($)74.0681.309.8%
    Change Contribution By: 
    Total Revenues ($ Mil)84599017.2%
    Net Income Margin (%)24.3%27.4%12.9%
    P/E Multiple17.914.4-19.4%
    Shares Outstanding (Mil)49483.0%
    Cumulative Contribution9.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/21/2026
    ReturnCorrelation
    INDB9.8% 
    Market (SPY)19.2%19.1%
    Sector (XLF)13.9%57.0%

    Fundamental Drivers

    The 21.4% change in INDB stock from 9/30/2025 to 10/21/2026 was primarily driven by a 41.2% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202510212026Change
    Stock Price ($)66.9981.3021.4%
    Change Contribution By: 
    Total Revenues ($ Mil)70199041.2%
    Net Income Margin (%)26.9%27.4%2.0%
    P/E Multiple15.114.4-5.0%
    Shares Outstanding (Mil)4348-11.3%
    Cumulative Contribution21.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/21/2026
    ReturnCorrelation
    INDB21.4% 
    Market (SPY)17.0%33.1%
    Sector (XLF)5.3%61.8%

    Fundamental Drivers

    The 84.5% change in INDB stock from 9/30/2023 to 10/21/2026 was primarily driven by a 102.1% change in the company's P/E Multiple.
    (LTM values as of)930202310212026Change
    Stock Price ($)44.0681.3084.5%
    Change Contribution By: 
    Total Revenues ($ Mil)75499031.4%
    Net Income Margin (%)36.2%27.4%-24.3%
    P/E Multiple7.114.4102.1%
    Shares Outstanding (Mil)4448-8.2%
    Cumulative Contribution84.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/21/2026
    ReturnCorrelation
    INDB84.5% 
    Market (SPY)87.1%46.1%
    Sector (XLF)76.4%64.7%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    INDB Return14%6%-19%2%18%13%34%
    Peers Return26%-13%-15%25%10%19%53%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    INDB Win Rate42%50%33%42%67%60% 
    Peers Win Rate67%50%33%50%58%60% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    INDB Max Drawdown-30%-15%-47%-29%-23%-14% 
    Peers Max Drawdown-20%-23%-41%-16%-25%-15% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: EBC.
    [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 10/21/2026 (YTD)

    How Low Can It Go

    EventINDBS&P 500
    2025 US Tariff Shock
      % Loss-22.5%-18.8%
      % Gain to Breakeven29.0%23.1%
      Time to Breakeven98 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-20.3%-9.5%
      % Gain to Breakeven25.5%10.5%
      Time to Breakeven38 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-45.2%-6.7%
      % Gain to Breakeven82.3%7.1%
      Time to Breakeven909 days31 days
    2020 COVID-19 Crash
      % Loss-31.8%-33.7%
      % Gain to Breakeven46.6%50.9%
      Time to Breakeven48 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-20.1%-19.2%
      % Gain to Breakeven25.2%23.8%
      Time to Breakeven58 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-14.5%-12.2%
      % Gain to Breakeven16.9%13.9%
      Time to Breakeven124 days62 days

    Compare to EBC

    In The Past

    Independent Bank's stock fell -22.5% during the 2025 US Tariff Shock. Such a loss loss requires a 29.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventINDBS&P 500
    2025 US Tariff Shock
      % Loss-22.5%-18.8%
      % Gain to Breakeven29.0%23.1%
      Time to Breakeven98 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-20.3%-9.5%
      % Gain to Breakeven25.5%10.5%
      Time to Breakeven38 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-45.2%-6.7%
      % Gain to Breakeven82.3%7.1%
      Time to Breakeven909 days31 days
    2020 COVID-19 Crash
      % Loss-31.8%-33.7%
      % Gain to Breakeven46.6%50.9%
      Time to Breakeven48 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-20.1%-19.2%
      % Gain to Breakeven25.2%23.8%
      Time to Breakeven58 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-25.0%-17.9%
      % Gain to Breakeven33.4%21.8%
      Time to Breakeven67 days123 days
    2008-2009 Global Financial Crisis
      % Loss-61.2%-53.4%
      % Gain to Breakeven157.4%114.4%
      Time to Breakeven408 days1085 days

    Compare to EBC

    In The Past

    Independent Bank's stock fell -22.5% during the 2025 US Tariff Shock. Such a loss loss requires a 29.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Independent Bank (INDB)

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    Independent Bank Corp. (INDB) is a bank holding company that primarily operates through its subsidiary, Rockland Trust Company. The company functions as a full-service commercial bank, offering a comprehensive range of financial products and services to individuals, small-to-medium sized businesses, and various institutions. Its core business involves gathering deposits and extending loans to support its diverse customer base.

    The company accepts various deposit types including interest checking, money market, savings accounts, demand deposits, and time certificates of deposit. On the lending side, INDB provides commercial and industrial loans, commercial real estate and construction loans, small business loans, consumer real estate loans, and personal loans, catering to both business and individual financial needs.

    Beyond traditional banking, Independent Bank also delivers investment management and trust services, estate settlement, financial planning, and tax services. It provides modern conveniences such as Internet and mobile banking, ATM and debit cards, and offers a selection of investment and insurance products, including mutual funds, unit investment trusts, general securities, fixed and variable annuities, and life insurance. The bank's operations are concentrated in Eastern Massachusetts, serving ten counties with a network of 119 retail branches as of December 31, 2021.

    ```

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    Jack Henry & Associates (JKHY)

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

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

    1. 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.
    2. 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.
    3. 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.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

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

    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.

    AI Analysis | Feedback

    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.

    Peer Outperformance in Regional Banks

    INDB has trailed 79% of its 259 Regional Banks peers over 5Y. Among the peers that beat it are MBIN, WTFC and PRK. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that INDB has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    38%
    of 281 industry peers · 21.8% return
    3Y
    51%
    of 271 industry peers · 98.6% return
    5Y
    21%
    of 259 industry peers · 15.7% return
    Regional Banks peers with revenue growth within 4pp of INDB's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    INDB Independent Bank 11.5% 14.4x 21.8%98.6%15.7% —
    MBIN Merchants Bancorp 14.6% 8.2x 50.1%86.0%76.6% +61pp
    WTFC Wintrust Financial 9.5% 11.0x 15.5%108.8%75.5% +60pp
    PRK Park National 8.5% 17.0x 15.9%109.6%68.5% +53pp
    FULT Fulton Financial 8.0% 10.9x 30.5%109.4%65.9% +50pp
    NBTB NBT Bancorp 13.3% 12.5x 30.5%81.9%63.1% +47pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is INDB's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 29.3%70.9%117.9% SPNT 175% · RGA 150% · RNR 149%
    Diversified Banks 12 28.8%148.1%90.6% CM 141% · RY 126% · JPM 124%
    Life & Health Insurance 20 13.6%61.4%84.5% JXN 473% · UNM 291% · MFC 183%
    Multi-Sector Holdings 4 9.7%58.8%71.2% BRK-B 88% · VOYA 54% · JEF 30%
    Investment Banking & Brokerage 13 -12.1%102.8%70.1% IBKR 373% · SNEX 176% · GS 151%
    Property & Casualty Insurance 42 13.6%80.6%63.8% TRV 174% · PGR 161% · ACGL 146%
    Multi-line Insurance 9 7.7%67.3%58.4% GNW 98% · L 98% · AIZ 87%
    Regional Banks ← 260 29.2%97.1%53.0% CBC 228% · FCNCA 161% · NIC 138%
    Financial Exchanges & Data 15 7.8%36.5%29.9% CBOE 168% · VIRT 161% · CME 70%
    Consumer Finance 30 -1.3%90.3%27.5% ENVA 413% · EZPW 325% · FCFS 154%
    Insurance Brokers 15 -6.3%7.3%19.4% LIFE 416% · ARX 88% · AJG 66%
    Diversified Financial Services 4 -4.1%22.5%5.3% FRHC 158% · EQH 83%
    Asset Management & Custody Banks 84 -13.7%21.9%3.0% WT 296% · AAMI 257% · VCTR 244%
    Commercial & Residential Mortgage Finance 15 -54.2%35.1%-5.8% FNMA 340% · FMCC 305% · ACT 149%
    Specialized Finance 3 7.9%35.9%-12.1% CACC -12% · HASI -22%
    Mortgage REITs 34 -21.7%-2.9%-35.1% RITM 25% · DX 17% · AGNC 6%
    Transaction & Payment Processing Services 17 0.6%8.3%-36.6% V 84% · MA 80% · CPAY 47%
    Diversified Capital Markets 20 -53.8%13.4%-63.7% LPLA 89% · TW 45% · RIOT -52%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

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    Peer Comparisons

    Peers to compare with:

    Financials

    INDBEBCMedian
    NameIndepend.Eastern . 
    Mkt Price81.3321.5251.43
    Mkt Cap3.94.74.3
    Rev LTM9901,1151,052
    Op Inc LTM---
    FCF LTM304385345
    FCF 3Y Avg251301276
    CFO LTM322406364
    CFO 3Y Avg269317293

    Growth & Margins

    INDBEBCMedian
    NameIndepend.Eastern . 
    Rev Chg LTM41.2%84.4%62.8%
    Rev Chg 3Y Avg11.5%54.6%33.0%
    Rev Chg Q39.5%26.8%33.2%
    QoQ Delta Rev Chg LTM7.7%6.2%7.0%
    Op Inc Chg LTM---
    Op Inc Chg 3Y Avg---
    Op Mgn LTM---
    Op Mgn 3Y Avg---
    QoQ Delta Op Mgn LTM---
    CFO/Rev LTM32.5%36.5%34.5%
    CFO/Rev 3Y Avg34.1%41.8%37.9%
    FCF/Rev LTM30.7%34.6%32.6%
    FCF/Rev 3Y Avg31.7%39.7%35.7%

    Valuation

    INDBEBCMedian
    NameIndepend.Eastern . 
    Mkt Cap3.94.74.3
    P/S3.94.24.1
    P/Op Inc---
    P/EBIT---
    P/E14.412.513.4
    P/CFO12.111.611.9
    Total Yield9.9%10.5%10.2%
    Dividend Yield2.9%2.5%2.7%
    FCF Yield 3Y Avg8.8%8.1%8.5%
    D/E0.20.10.1
    Net D/E-0.2-0.0-0.1

    Returns

    INDBEBCMedian
    NameIndepend.Eastern . 
    1M Rtn1.0%0.2%0.6%
    3M Rtn-3.9%-4.0%-3.9%
    6M Rtn5.5%7.8%6.7%
    12M Rtn21.8%19.1%20.5%
    3Y Rtn98.7%104.6%101.6%
    1M Excs Rtn3.4%2.1%2.8%
    3M Excs Rtn-6.7%-7.6%-7.1%
    6M Excs Rtn-1.8%0.5%-0.6%
    12M Excs Rtn8.7%4.9%6.8%
    3Y Excs Rtn12.2%20.7%16.5%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/6/20265/6/20262/27/202611/5/20258/5/20255/7/20252/28/202511/7/20248/6/20245/8/20242/28/202411/2/2023
    Key Financials Quarterly            
    Total Revenue251250245244180176170175169165175181
    Net Income828075345144504351485561
    EPS1.701.631.520.691.201.041.181.011.211.121.261.38
    Key Financials TTM            
    Total Revenue TTM990919845770701690679684690702722746
    Net Income TTM271241205180189189192197215226240262
    Growth Rates Quarterly            
    Total Revenue Growth39.5%42.1%44.2%39.1%6.6%6.8%-2.7%-3.2%-6.9%-10.9%-11.9%-4.1%
    Net Income Growth60.1%79.9%50.6%-20.2%-0.4%-7.0%-8.7%-29.4%-18.1%-22.0%-28.9%-15.4%
    Margins Quarterly            
    Net Income Margin32.6%31.9%30.7%14.1%28.4%25.2%29.4%24.5%30.4%29.0%31.3%33.6%
    Cash & Debt            
    Total Cash1,4481,2431,2091,2872,1882,0011,4711,6721,5351,4941,5591,574
    Total Debt7017768267757598607016636931,0251,2181,000
    Net Debt / (Cash)-747-467-383-512-1,428-1,141-769-1,008-841-469-340-574
    Cash Flows Quarterly            
    FCF from Operations73117795210713437066515481
    Cash Flows TTM            
    FCF from Operations TTM322355251215233192230241252277277339
    Returns to Shareholders Quarterly            
    Dividends312929252524242424242424
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC23.4%18.2%15.7%7.6%47.7%25.4%19.0%20.9%21.6%14.5%14.8%19.2%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM19.4%13.7%10.7%9.9%44.0%26.9%18.3%23.9%22.6%17.2%16.2%20.7%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Community banking849683722720502
    Total849683722720502


    Operating Income by Segment
    $ Mil1999
    Community banking19
    Other17
    Total36


    Assets by Segment
    $ Mil1999
    Community banking1,587
    Other159
    Total1,746


    Price Behavior

    Price Behavior
    Market Price$81.30 
    Market Cap ($ Bil)3.9 
    First Trading Date03/27/1990 
    Distance from 52W High-6.0% 
       50 Days200 Days
    DMA Price$80.86$79.23
    DMA Trenddownup
    Distance from DMA0.5%2.6%
     3M1YR
    Volatility17.9%21.7%
    Downside Capture82.6653.84
    Upside Capture38.1667.55
    Correlation (S&P 500)18.2%28.7%
    INDB Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.480.460.520.340.620.96
    Up Beta-2.540.460.040.160.571.04
    Down Beta0.400.210.80-0.010.621.03
    Up Capture61%22%41%41%58%69%
    Bmk +ve Days6162766132424
    Stock +ve Days8183065125367
    Down Capture125%98%91%59%69%95%
    Bmk -ve Days16263760120328
    Stock -ve Days14243461125381

    [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
    INDB22.5%21.7%0.84-
    Sector ETF (XLF)7.5%14.4%0.2758.6%
    Equity (SPY)16.2%12.7%0.9028.5%
    Gold (GLD)-6.0%29.0%-0.228.5%
    Commodities (DBC)50.2%20.7%1.85-18.3%
    Real Estate (VNQ)3.1%13.8%-0.0337.4%
    Bitcoin (BTCUSD)-25.3%43.4%-0.558.5%

    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
    INDB3.9%31.4%0.16-
    Sector ETF (XLF)9.7%18.3%0.3961.9%
    Equity (SPY)13.6%17.1%0.6145.1%
    Gold (GLD)17.7%18.9%0.76-1.4%
    Commodities (DBC)9.5%19.5%0.375.9%
    Real Estate (VNQ)1.1%18.9%-0.0545.3%
    Bitcoin (BTCUSD)7.6%51.7%0.3317.7%

    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
    INDB7.3%33.0%0.29-
    Sector ETF (XLF)13.1%22.1%0.5468.6%
    Equity (SPY)15.5%17.9%0.7351.8%
    Gold (GLD)12.2%16.4%0.61-6.5%
    Commodities (DBC)8.2%18.1%0.3715.0%
    Real Estate (VNQ)5.2%20.7%0.2146.6%
    Bitcoin (BTCUSD)62.6%66.2%1.0213.3%

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

    Short Interest

    Short Interest: As Of Date9302026
    Short Interest: Shares Quantity2.1 Mil
    Short Interest: % Change Since 9152026-3.7%
    Average Daily Volume0.4 Mil
    Days-to-Cover Short Interest5.1 days
    Basic Shares Quantity48.1 Mil
    Short % of Basic Shares4.4%

    Returns Analyses

    Earnings Returns History

    Updated 10/20/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/15/20263.6%  
    7/16/2026-3.1%-2.8%-1.4%
    4/16/2026-0.6%-0.2%-3.0%
    1/22/2026-2.8%-0.0%-0.7%
    10/16/20252.9%5.8%7.4%
    7/17/20255.8%1.4%0.6%
    4/17/2025-2.2%3.9%15.8%
    1/16/20254.9%4.2%9.4%
    ...
    SUMMARY STATS   
    # Positive141518
    # Negative1196
    Median Positive3.3%3.9%7.2%
    Median Negative-2.8%-2.8%-2.2%
    Max Positive5.8%12.4%25.1%
    Max Negative-5.4%-10.8%-23.6%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/15/20263.6%  
    7/16/2026-3.1%-2.8%-1.4%
    4/16/2026-0.6%-0.2%-3.0%
    1/22/2026-2.8%-0.0%-0.7%
    10/16/20252.9%5.8%7.4%
    7/17/20255.8%1.4%0.6%
    4/17/2025-2.2%3.9%15.8%
    1/16/20254.9%4.2%9.4%
    10/17/2024-5.4%-3.5%11.0%
    7/18/20242.5%11.3%6.0%
    4/18/20242.2%5.9%7.1%
    1/18/2024-1.3%-3.3%-11.9%
    10/19/2023-4.6%1.7%19.3%
    7/20/20234.0%12.4%3.7%
    4/20/2023-3.4%-10.8%-23.6%
    1/19/2023-2.9%-1.3%2.3%
    10/20/20223.9%6.8%7.6%
    7/21/20220.4%3.1%4.9%
    4/21/2022-2.1%-2.0%-0.6%
    1/20/20224.5%3.6%6.7%
    10/21/20211.7%1.0%1.6%
    7/22/20210.7%2.8%12.9%
    4/22/20213.0%5.1%0.7%
    1/21/2021-0.8%-2.8%8.1%
    10/22/20204.7%1.8%25.1%
    SUMMARY STATS   
    # Positive141518
    # Negative1196
    Median Positive3.3%3.9%7.2%
    Median Negative-2.8%-2.8%-2.2%
    Max Positive5.8%12.4%25.1%
    Max Negative-5.4%-10.8%-23.6%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/07/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/28/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/03/202310-Q
    03/31/202305/04/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/03/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/07/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/28/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/03/202310-Q
    03/31/202305/04/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/03/202210-Q
    06/30/202208/04/202210-Q
    03/31/202205/05/202210-Q
    12/31/202102/28/202210-K
    09/30/202111/04/202110-Q
    06/30/202108/04/202110-Q
    03/31/202105/06/202110-Q
    12/31/202002/26/202110-K
    09/30/202011/05/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/07/202010-Q
    12/31/201902/27/202010-K
    09/30/201911/05/201910-Q

    Insider Activity

    Updated 8/31/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Venables, Thomas R DirectSell826202683.003,750311,2321,464,784Form
    2Nadeau, Gerard F DirectSell805202684.695,307449,4721,431,925Form
    3Lerner, Joseph C DirectSell601202677.312,832218,9531,253,643Form
    4Morrissey, John J DirectSell209202685.701,988170,3721,092,425Form
    5Abelli, Donna L DirectSell205202685.0052444,5171,125,968Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Venables, Thomas R DirectSell826202683.003,750311,2321,464,784Form
    2Nadeau, Gerard F DirectSell805202684.695,307449,4721,431,925Form
    3Lerner, Joseph C DirectSell601202677.312,832218,9531,253,643Form
    4Morrissey, John J DirectSell209202685.701,988170,3721,092,425Form
    5Abelli, Donna L DirectSell205202685.0052444,5171,125,968Form
    6Venables, Thomas R DirectSell1208202573.9340529,9421,519,820Form
    7Nadeau, Gerard F DirectSell1204202574.112,000148,2261,511,539Form
    8Nadeau, Gerard F DirectSell1124202570.003,000210,0001,567,650Form
    9Ansin, Ken S Trust for Ronald M. Ansin GrandchildrenSell1117202569.0653,0003,660,1963,711,162Form
    10Ansin, Ken S Trust for Ronald M. Ansin Family MembersSell1112202569.94144,00010,070,81320,175,265Form
    11Ansin, Ken S TrustSell911202569.7225,0001,742,9532,851,052Form
    12Ansin, Ken S TrustSell911202570.1725,0001,754,1584,623,538Form

    Industry Resources

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    Core Cache Last Updated: 10/21/2026