INDEPENDENT BANK CORP
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
INDB$84.81-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
| Years Ended December 31 | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (Dollars in thousands, except per share data) | |||
| Interest income | |||
| Interest and fees on loans | $730,008 | $577,923 | $381,433 |
| Taxable interest and dividends on securities | 60,336 | 50,354 | 30,477 |
| Nontaxable interest and dividends on securities | 6 | 6 | 16 |
| Interest on loans held for sale | 190 | 172 | 856 |
| Interest on federal funds sold and short-term investments | 5,186 | 14,385 | 2,494 |
| Total interest and dividend income | 795,726 | 642,840 | 415,276 |
| Interest expense | |||
| Interest on deposits | 144,752 | 24,652 | 8,327 |
| Interest on borrowings | 44,453 | 4,939 | 5,390 |
| Total interest expense | 189,205 | 29,591 | 13,717 |
| Net interest income | 606,521 | 613,249 | 401,559 |
| Provision for credit losses | 23,250 | 6,500 | 18,205 |
| Net interest income after provision for credit losses | 583,271 | 606,749 | 383,354 |
| Noninterest income | |||
| Deposit account fees | 23,486 | 23,370 | 16,745 |
| Interchange and ATM fees | 18,108 | 16,249 | 12,987 |
| Investment management | 40,191 | 36,832 | 35,308 |
| Mortgage banking income | 2,326 | 3,515 | 13,280 |
| Increase in cash surrender value of life insurance policies | 7,868 | 7,685 | 6,431 |
| Gain on life insurance benefits | 2,291 | 1,291 | 258 |
| Loan level derivative income | 3,327 | 2,932 | 3,257 |
| Other noninterest income | 27,012 | 22,793 | 17,584 |
| Total noninterest income | 124,609 | 114,667 | 105,850 |
| Noninterest expenses | |||
| Salaries and employee benefits | 222,135 | 204,711 | 172,586 |
| Occupancy and equipment expenses | 50,582 | 49,841 | 36,265 |
| Data processing & facilities management | 9,884 | 9,320 | 6,899 |
| Software maintenance | 13,115 | 10,961 | 8,149 |
| FDIC assessment | 11,953 | 6,951 | 3,980 |
| Debit card expense | 9,003 | 7,670 | 5,144 |
| Consulting expense | 8,954 | 9,617 | 8,271 |
| Amortization of intangible assets | 6,878 | 7,655 | 5,715 |
| Merger and acquisition expense | — | 7,100 | 40,840 |
| Other noninterest expenses | 60,242 | 59,836 | 44,680 |
| Total noninterest expenses | 392,746 | 373,662 | 332,529 |
| Income before income taxes | 315,134 | 347,754 | 156,675 |
| Provision for income taxes | 75,632 | 83,941 | 35,683 |
| Net Income | $239,502 | $263,813 | $120,992 |
| Basic earnings per share | $5.42 | $5.69 | $3.47 |
| Diluted earnings per share | $5.42 | $5.69 | $3.47 |
| Weighted average common shares (basic) | 44,181,540 | 46,372,051 | 34,872,034 |
| Common share equivalents | 12,007 | 17,938 | 16,484 |
| Weighted average common shares (diluted) | 44,193,547 | 46,389,989 | 34,888,518 |
| Cash dividends declared per common share | $2.20 | $2.08 | $1.92 |
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