INDEPENDENT BANK CORP
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
INDB$84.10-0.4%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
(Dollars in thousands)
| December 31 | ||
|---|---|---|
| 2023 | 2022 | |
| Assets | ||
| Cash and due from banks | $178,861 | $175,843 |
| Interest-earning deposits with banks | 45,469 | 177,090 |
| Securities | ||
| Trading | 4,987 | 3,888 |
| Equities | 22,510 | 21,119 |
| Available for sale (amortized cost $1,459,862 and $1,566,779) | 1,334,256 | 1,399,154 |
| Held to maturity (fair value $1,417,608 and $1,524,710) | 1,569,107 | 1,705,120 |
| Total securities | 2,930,860 | 3,129,281 |
| Loans held for sale (at fair value) | 6,368 | 2,803 |
| Loans | ||
| Commercial and industrial | 1,579,986 | 1,635,103 |
| Commercial real estate | 8,041,508 | 7,760,230 |
| Commercial construction | 849,586 | 1,154,413 |
| Small business | 251,956 | 219,102 |
| Residential real estate | 2,424,754 | 2,035,524 |
| Home equity - first position | 518,706 | 566,166 |
| Home equity - subordinate positions | 578,920 | 522,584 |
| Other consumer | 32,654 | 35,553 |
| Total loans | 14,278,070 | 13,928,675 |
| Less: allowance for credit losses | (142,222) | (152,419) |
| Net loans | 14,135,848 | 13,776,256 |
| Federal Home Loan Bank stock | 43,557 | 5,218 |
| Bank premises and equipment, net | 193,049 | 196,504 |
| Goodwill | 985,072 | 985,072 |
| Other intangible assets | 18,190 | 25,068 |
| Cash surrender value of life insurance policies | 297,387 | 293,323 |
| Other assets | 512,712 | 527,716 |
| Total assets | $19,347,373 | $19,294,174 |
| Liabilities and Stockholders' Equity | ||
| Deposits | ||
| Noninterest-bearing demand deposits | $4,567,083 | $5,441,584 |
| Savings and interest checking accounts | 5,298,913 | 5,898,009 |
| Money market | 2,818,072 | 3,343,673 |
| Time certificates of deposit | 2,181,479 | 1,195,741 |
| Total deposits | 14,865,547 | 15,879,007 |
| Borrowings | ||
| Federal Home Loan Bank borrowings | 1,105,541 | 637 |
| Junior subordinated debentures (less unamortized debt issuance costs of $30 and $33) | 62,858 | 62,855 |
| Subordinated debentures (less unamortized debt issuance costs of $20 and $115) | 49,980 | 49,885 |
| Total borrowings | 1,218,379 | 113,377 |
| Other liabilities | 368,196 | 415,089 |
| Total liabilities | 16,452,122 | 16,407,473 |
| Commitments and contingencies | — | — |
| Stockholders' Equity | ||
| Preferred stock, $0.01 par value; authorized: 1,000,000 shares, outstanding: none | — | — |
| Common stock, $0.01 par value; authorized: 75,000,000 shares,issued and outstanding: 42,873,187 shares at December 31, 2023 and 45,641,238 shares at December 31, 2022 (includes 162,812 and 135,712 shares of unvested participating restricted stock awards, respectively) | 427 | 455 |
| Value of shares held in rabbi trust at cost: 80,222 shares at December 31, 2023 and 80,965 shares at December 31, 2022 | (3,298) | (3,227) |
| Deferred compensation obligation | 3,298 | 3,227 |
| Additional paid in capital | 1,932,163 | 2,114,888 |
| Retained earnings | 1,077,488 | 934,442 |
| Accumulated other comprehensive loss, net of tax | (114,827) | (163,084) |
| Total stockholders' equity | 2,895,251 | 2,886,701 |
| Total liabilities and stockholders' equity | $19,347,373 | $19,294,174 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.