INDEPENDENT BANK CORP
For the period ended Mar 31, 2024. Filed May 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
INDB$85.28+1.4%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| Table of Contents | |
|---|---|
| PAGE | |
| PART I. FINANCIAL INFORMATION | |
| Item 1. Financial Statements (unaudited) | |
| Consolidated Balance Sheets - March 31, 2024 and December 31, 2023 | 5 |
| Consolidated Statements of Income - Three months ended March 31, 2024 and 2023 | 7 |
| Consolidated Statements of Comprehensive Income -Three months ended March 31, 2024 and 2023 | 8 |
| Consolidated Statements of Stockholders’ Equity - Three months ended March 31, 2024 and 2023 | 9 |
| Consolidated Statements of Cash Flows - Three months ended March 31, 2024 and 2023 | 10 |
| Notes to Consolidated Financial Statements - March 31, 2024 | |
| Note 1 - Basis of Presentation | 12 |
| Note 2 - Securities | 12 |
| Note 3 - Loans, Allowance for Credit Losses and Credit Quality | 17 |
| Note 4 - Borrowings | 26 |
| Note 5 - Stock Based Compensation | 26 |
| Note 6- Derivative and Hedging Activities | 27 |
| Note 7 - Fair Value Measurements | 33 |
| Note 8 - Revenue Recognition | 40 |
| Note 9 - Other Comprehensive Income (Loss) | 43 |
| Note 10 - Commitments and Contingencies | 44 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 45 |
| Table 1 - Closed Residential Real Estate Loans | 56 |
| Table 2 - Residential Mortgage Loan Sales | 56 |
| Table 3 - Mortgage Servicing Asset | 57 |
| Table 4 - Nonperforming Assets | 62 |
| Table 5 - Activity in Nonperforming Assets | 62 |
| Table 6 - Summary of Net Charge-Offs/(Recoveries) to Average Loans Outstanding | 64 |
| Table 7 - Summary of Allocation of Allowance for Credit Losses | 65 |
| Table 8 - Company and Bank’s Capital Amounts and Ratios | 67 |
| Table 9 - Assets Under Administration | 68 |
| Table 10 - Summary of Results of Operations | 69 |
| Table 11 - Average Balance, Interest Earned/Paid & Average Yields Quarter-to-Date | 70 |
| Table 12 - Volume Rate Analysis | 72 |
| Table 13 - Noninterest Income | 73 |
| Table 14 - Noninterest Expense | 74 |
| Table 15 - Tax Provision and Applicable Tax Rates | 75 |
| Table 16 - Liquidity Sources | 77 |
| Table 17 - Interest Rate Sensitivity | 78 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 80 |
|---|---|
| Item 4. Controls and Procedures | 80 |
| PART II. OTHER INFORMATION | 80 |
| Item 1. Legal Proceedings | 80 |
| Item 1A. Risk Factors | 80 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 80 |
| Item 3. Defaults Upon Senior Securities | 81 |
| Item 4. Mine Safety Disclosures | 81 |
| Item 5. Other Information | 81 |
| Item 6. Exhibits | 81 |
| Signatures | 82 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.