INDEPENDENT BANK CORP
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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Table 17 - Average Balance, Interest Earned/Paid & Average Yields
The following table presents the Company’s average balances, net interest income, interest rate spread, and net interest margin for the years ended December 31, 2023, 2022 and 2021. Nontaxable income from loans and securities is presented on a fully tax-equivalent basis by adjusting tax-exempt income upward by an amount equivalent to the prevailing federal income taxes that would have been paid if the income had been fully taxable.
Table 17 - Average Balance, Interest Earned/Paid & Average Yields
| Years Ended December 31 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2023 · 2022 · 2021 | ||||||||||
| Average Balance · Interest Earned/ Paid · Average Yield · Average Balance · Interest Earned/ Paid · Average Yield · Average Balance · Interest Earned/ Paid · Average Yield | ||||||||||
| (Dollars in thousands) | ||||||||||
| Interest-earning assets | ||||||||||
| Interest-earning deposits with banks, federal funds sold, and short term investments | $118,806 | $5,186 | 4.37% | $1,222,434 | $14,385 | 1.18% | $1,864,346 | $2,494 | 0.13% | |
| Securities | ||||||||||
| Securities - trading | 4,411 | — | —% | 3,764 | — | —% | 3,344 | — | —% | |
| Securities - taxable investments | 3,027,769 | 60,336 | 1.99% | 2,948,358 | 50,354 | 1.71% | 1,795,199 | 30,477 | 1.70% | |
| Securities - nontaxable investments (1) | 190 | 7 | 3.68% | 196 | 7 | 3.57% | 469 | 20 | 4.26% | |
| Total securities | 3,032,370 | 60,343 | 1.99% | 2,952,318 | 50,361 | 1.71% | 1,799,012 | 30,497 | 1.70% | |
| Loans held for sale | 3,289 | 190 | 5.78% | 4,774 | 172 | 3.60% | 34,056 | 856 | 2.51% | |
| Loans (2) | ||||||||||
| Commercial and industrial | 1,646,939 | 115,752 | 7.03% | 1,538,848 | 77,074 | 5.01% | 1,823,914 | 79,752 | 4.37% | |
| Commercial real estate (1) | 7,839,476 | 376,586 | 4.80% | 7,807,427 | 326,593 | 4.18% | 4,702,346 | 185,908 | 3.95% | |
| Commercial construction | 1,019,871 | 66,440 | 6.51% | 1,191,394 | 57,804 | 4.85% | 616,037 | 24,696 | 4.01% | |
| Small business | 235,108 | 14,428 | 6.14% | 204,982 | 10,886 | 5.31% | 180,473 | 9,276 | 5.14% | |
| Total commercial | 10,741,394 | 573,206 | 5.34% | 10,742,651 | 472,357 | 4.40% | 7,322,770 | 299,632 | 4.09% | |
| Residential real estate | 2,217,971 | 88,210 | 3.98% | 1,831,493 | 63,443 | 3.46% | 1,286,470 | 46,279 | 3.60% | |
| Home equity | 1,093,546 | 70,698 | 6.47% | 1,061,228 | 44,048 | 4.15% | 1,025,809 | 35,160 | 3.43% | |
| Total consumer real estate | 3,311,517 | 158,908 | 4.80% | 2,892,721 | 107,491 | 3.72% | 2,312,279 | 81,439 | 3.52% | |
| Other consumer | 31,202 | 2,418 | 7.75% | 31,986 | 2,114 | 6.61% | 23,885 | 1,668 | 6.98% | |
| Total loans | 14,084,113 | 734,532 | 5.22% | 13,667,358 | 581,962 | 4.26% | 9,658,934 | 382,739 | 3.96% | |
| Total Interest-Earning Assets | 17,238,578 | 800,251 | 4.64% | 17,846,884 | 646,880 | 3.62% | 13,356,348 | 416,586 | 3.12% | |
| Cash and Due from Banks | 180,553 | 184,812 | 152,723 | |||||||
| Federal Home Loan Bank Stock | 33,734 | 7,134 | 10,283 | |||||||
| Other Assets | 1,853,585 | 1,858,210 | 1,335,193 | |||||||
| Total Assets | $19,306,450 | $19,897,040 | $14,854,547 | |||||||
| Interest-bearing liabilities | ||||||||||
| Deposits | ||||||||||
| Savings and interest checking accounts | $5,489,923 | $43,073 | 0.78% | $6,159,289 | $8,339 | 0.14% | $4,590,055 | $1,610 | 0.04% | |
| Money market | 3,022,322 | 51,630 | 1.71% | 3,489,981 | 11,683 | 0.33% | 2,516,871 | 1,930 | 0.08% | |
| Time certificates of deposits | 1,724,625 | 50,050 | 2.90% | 1,310,442 | 4,630 | 0.35% | 936,046 | 4,787 | 0.51% | |
| Total interest bearing deposits | 10,236,870 | 144,753 | 1.41% | 10,959,712 | 24,652 | 0.22% | 8,042,972 | 8,327 | 0.10% | |
| Borrowings | ||||||||||
| Federal Home Loan Bank borrowings | 782,121 | 37,624 | 4.81% | 16,138 | 313 | 1.94% | 41,556 | 897 | 2.16% | |
| Long-term borrowings | — | — | —% | 2,235 | 31 | 1.39% | 21,072 | 331 | 1.57% | |
| Junior subordinated debentures | 62,857 | 4,359 | 6.93% | 62,854 | 2,125 | 3.38% | 62,852 | 1,692 | 2.69% | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Subordinated debt | 49,933 | 2,470 | 4.95% | 49,837 | 2,470 | 4.96% | 49,741 | 2,470 | 4.97% | |||||
| Total borrowings | 894,911 | 44,453 | 4.97% | 131,064 | 4,939 | 3.77% | 175,221 | 5,390 | 3.08% | |||||
| Total interest-bearing liabilities | 11,131,781 | 189,206 | 1.70% | 11,090,776 | 29,591 | 0.27% | 8,218,193 | 13,717 | 0.17% | |||||
| Noninterest-bearing demand deposits | 4,918,787 | 5,559,997 | 4,443,410 | |||||||||||
| Other liabilities | 374,585 | 330,371 | 284,679 | |||||||||||
| Total liabilities | 16,425,153 | 16,981,144 | 12,946,282 | |||||||||||
| Stockholders’ equity | 2,881,297 | 2,915,896 | 1,908,265 | |||||||||||
| Total liabilities and stockholders’ equity | $19,306,450 | $19,897,040 | $14,854,547 | |||||||||||
| Net interest income (1) | $611,045 | $617,289 | $402,869 | |||||||||||
| Interest rate spread (3) | 2.94% | 3.35% | 2.95% | |||||||||||
| Net interest margin (4) | 3.54% | 3.46% | 3.02% | |||||||||||
| Supplemental Information | ||||||||||||||
| Total deposits, including demand deposits | $15,155,657 | $144,753 | $16,519,709 | $24,652 | $12,486,382 | $8,327 | ||||||||
| Cost of total deposits | 0.96% | 0.15% | 0.07% | |||||||||||
| Total funding liabilities, including demand deposits | $16,050,568 | $189,206 | $16,650,773 | $29,591 | $12,661,603 | $13,717 | ||||||||
| Cost of total funding liabilities | 1.18% | 0.18% | 0.11% | |||||||||||
(1)The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $4.5 million, $4.0 million, and $1.3 million for 2023, 2022 and 2021, respectively.
(2)Includes average nonaccruing loans.
(3)Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average costs of interest-bearing liabilities.
(4)Net interest margin represents net interest income as a percentage of average interest-earning assets.
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