INDEPENDENT BANK CORP
For the period ended Jun 30, 2024. Filed Aug 6, 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.
Jun 30, 2024 · Filed Aug 6, 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 - June 30, 2024 and December 31, 2023 | 5 |
| Consolidated Statements of Income - Three and six months ended June 30, 2024 and 2023 | 7 |
| Consolidated Statements of Comprehensive Income -Three and six months ended June 30, 2024 and 2023 | 8 |
| Consolidated Statements of Stockholders’ Equity - Three and six months ended June 30, 2024 and 2023 | 10 |
| Consolidated Statements of Cash Flows - Six months ended June 30, 2024 and 2023 | 11 |
| Notes to Consolidated Financial Statements - June 30, 2024 | |
| Note 1 - Basis of Presentation | 13 |
| Note 2 - Securities | 13 |
| Note 3 - Loans, Allowance for Credit Losses and Credit Quality | 18 |
| Note 4 - Stock Based Compensation | 29 |
| Note 5- Derivative and Hedging Activities | 30 |
| Note 6 - Fair Value Measurements | 36 |
| Note 7 - Revenue Recognition | 43 |
| Note 8 - Other Comprehensive Income (Loss) | 46 |
| Note 9 - Commitments and Contingencies | 47 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 48 |
| Table 1 - Closed Residential Real Estate Loans | 59 |
| Table 2 - Residential Mortgage Loan Sales | 59 |
| Table 3 - Mortgage Servicing Asset | 60 |
| Table 4 - Nonperforming Assets | 65 |
| Table 5 - Activity in Nonperforming Assets | 65 |
| Table 6 - Summary of Net Charge-Offs/(Recoveries) to Average Loans Outstanding | 67 |
| Table 7 - Summary of Allocation of Allowance for Credit Losses | 68 |
| Table 8 - Company and Bank’s Capital Amounts and Ratios | 70 |
| Table 9 - Assets Under Administration | 71 |
| Table 10 - Summary of Results of Operations | 72 |
| Table 11 - Average Balance, Interest Earned/Paid & Average Yields Quarter-to-Date | 73 |
| Table 12 - Average Balance, Interest Earned/Paid & Average Yields Year-to-Date | 75 |
| Table 13 - Volume Rate Analysis | 77 |
| Table 14 - Noninterest Income | 78 |
| Table 15 - Noninterest Expense | 80 |
| Table 16 - Tax Provision and Applicable Tax Rates | 81 |
| Table 17 - Liquidity Sources | 83 |
| Table 18 - Interest Rate Sensitivity | 84 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 86 |
|---|---|
| Item 4. Controls and Procedures | 86 |
| PART II. OTHER INFORMATION | 86 |
| Item 1. Legal Proceedings | 86 |
| Item 1A. Risk Factors | 86 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 86 |
| Item 3. Defaults Upon Senior Securities | 86 |
| Item 4. Mine Safety Disclosures | 86 |
| Item 5. Other Information | 86 |
| Item 6. Exhibits | 87 |
| Signatures | 88 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.