Trade Independent Bank Corp - Massachusets - INDB CFD

Independent Bank Company profile

About Independent Bank Corp (Massachusetts)

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management. The Bank operates full service and limited-service retail branches, commercial banking centers, investment management offices and mortgage lending centers located in Eastern Massachusetts, Greater Boston, the South Shore, the Cape and Islands, Worcester County and Rhode Island. The Bank classifies loans as commercial loans, consumer real estate loans, or other consumer loans. Commercial loans consist of commercial and industrial loans, asset-based loans, commercial real estate loans, commercial construction loans and small business loans. The Bank offers a range of demand deposits, interest checking, savings and money market accounts.

Financial summary

BRIEF: For the fiscal year ended 31 December 2021, Independent Bank Corp (Massachusetts) interest income increased 3% to $415.3M. Net interest income after loan loss provision increased 22% to $383.4M. Net income before extraordinary items increased 4% to $121M. Net interest income after loan loss provision reflects Interest and fees on loans increase of 3% to $381.4M, Interest on federal funds sold and short increase from $847K to $2.5M.

Equity composition

Common Stock $.01 Par, 03/11 75M auth., 21,255,620 issd. Insiders own 8.33%. Stock issued 1/80, per reorganization of Rockland Trust Co. Basis: 1-for-1. FY'03 Qs are being recalss.