INDEPENDENT BANK CORP
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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 | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (Dollars in thousands, except per share data) | |||
| Interest income | |||
| Interest and fees on loans | $789,274 | $730,008 | $577,923 |
| Taxable interest and dividends on securities | 57,092 | 60,336 | 50,354 |
| Nontaxable interest and dividends on securities | 6 | 6 | 6 |
| Interest on loans held for sale | 712 | 190 | 172 |
| Interest on federal funds sold and short-term investments | 5,669 | 5,186 | 14,385 |
| Total interest and dividend income | 852,753 | 795,726 | 642,840 |
| Interest expense | |||
| Interest on deposits | 246,962 | 144,752 | 24,652 |
| Interest on borrowings | 44,062 | 44,453 | 4,939 |
| Total interest expense | 291,024 | 189,205 | 29,591 |
| Net interest income | 561,729 | 606,521 | 613,249 |
| Provision for credit losses | 36,250 | 23,250 | 6,500 |
| Net interest income after provision for credit losses | 525,479 | 583,271 | 606,749 |
| Noninterest income | |||
| Deposit account fees | 26,455 | 23,486 | 23,370 |
| Interchange and ATM fees | 19,055 | 18,108 | 16,249 |
| Investment management | 42,744 | 40,191 | 36,832 |
| Mortgage banking income | 4,143 | 2,326 | 3,515 |
| Increase in cash surrender value of life insurance policies | 8,086 | 7,868 | 7,685 |
| Gain on life insurance benefits | 457 | 2,291 | 1,291 |
| Loan level derivative income | 2,117 | 3,327 | 2,932 |
| Other noninterest income | 24,957 | 27,012 | 22,793 |
| Total noninterest income | 128,014 | 124,609 | 114,667 |
| Noninterest expenses | |||
| Salaries and employee benefits | 233,653 | 222,135 | 204,711 |
| Occupancy and equipment expenses | 52,072 | 50,582 | 49,841 |
| Data processing & facilities management | 9,957 | 9,884 | 9,320 |
| Software and subscriptions | 18,152 | 16,165 | 13,655 |
| FDIC assessment | 10,892 | 11,953 | 6,951 |
| Debit card expense | 6,630 | 9,003 | 7,670 |
| Consulting expense | 7,125 | 8,954 | 9,617 |
| Amortization of intangible assets | 5,905 | 6,878 | 7,655 |
| Merger and acquisition expense | 1,902 | — | 7,100 |
| Other noninterest expenses | 60,078 | 57,192 | 57,142 |
| Total noninterest expenses | 406,366 | 392,746 | 373,662 |
| Income before income taxes | 247,127 | 315,134 | 347,754 |
| Provision for income taxes | 55,046 | 75,632 | 83,941 |
| Net Income | $192,081 | $239,502 | $263,813 |
| Basic earnings per share | $4.52 | $5.42 | $5.69 |
| Diluted earnings per share | $4.52 | $5.42 | $5.69 |
| Weighted average common shares (basic) | 42,499,492 | 44,181,540 | 46,372,051 |
| Common share equivalents | 12,309 | 12,007 | 17,938 |
| Weighted average common shares (diluted) | 42,511,801 | 44,193,547 | 46,389,989 |
| Cash dividends declared per common share | $2.28 | $2.20 | $2.08 |
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