INDEPENDENT BANK CORP
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
Contents
Table 1 - Selected Financial Data
SELECTED FINANCIAL DATA
The selected consolidated financial and other data of the Company set forth below does not purport to be complete and should be read in conjunction with, and is qualified in its entirety by, the more detailed information, including the Consolidated Financial Statements and related notes, appearing elsewhere herein.
Table 1 - Selected Financial Data
| As of or for the Years Ended December 31 | |||||
|---|---|---|---|---|---|
| 2024 | 2023 | 2022 | 2021 | 2020 | |
| (Dollars in thousands, except per share data) | |||||
| Financial condition data | |||||
| Securities | $2,711,349 | $2,930,860 | $3,129,281 | $2,664,859 | $1,162,317 |
| Loans | 14,508,378 | 14,278,070 | 13,928,675 | 13,587,286 | 9,392,866 |
| Allowance for credit losses | (169,984) | (142,222) | (152,419) | (146,922) | (113,392) |
| Goodwill and other intangibles | 997,356 | 1,003,262 | 1,010,140 | 1,017,844 | 529,313 |
| Total assets | 19,373,565 | 19,347,373 | 19,294,174 | 20,423,405 | 13,204,301 |
| Deposits | 15,305,978 | 14,865,547 | 15,879,007 | 16,917,044 | 10,993,170 |
| Borrowings | 701,374 | 1,218,379 | 113,377 | 152,374 | 181,060 |
| Stockholders’ equity | 2,993,120 | 2,895,251 | 2,886,701 | 3,018,449 | 1,702,685 |
| Nonperforming loans | 101,529 | 54,383 | 54,881 | 27,820 | 66,861 |
| Nonperforming assets | 101,529 | 54,493 | 54,881 | 27,820 | 66,861 |
| Operating data | |||||
| Interest income | $852,753 | $795,726 | $642,840 | $415,276 | $402,069 |
| Interest expense | 291,024 | 189,205 | 29,591 | 13,717 | 34,341 |
| Net interest income | 561,729 | 606,521 | 613,249 | 401,559 | 367,728 |
| Provision for credit losses | 36,250 | 23,250 | 6,500 | 18,205 | 52,500 |
| Noninterest income | 128,014 | 124,609 | 114,667 | 105,850 | 111,440 |
| Noninterest expenses | 406,366 | 392,746 | 373,662 | 332,529 | 273,832 |
| Net income | 192,081 | 239,502 | 263,813 | 120,992 | 121,167 |
| Per share data | |||||
| Net income — basic | $4.52 | $5.42 | $5.69 | $3.47 | $3.64 |
| Net income — diluted | 4.52 | 5.42 | 5.69 | 3.47 | 3.64 |
| Cash dividends declared | 2.28 | 2.20 | 2.08 | 1.92 | 1.84 |
| Book value | 70.43 | 67.53 | 63.25 | 63.75 | 51.65 |
| Tangible book value (1) | 46.96 | 44.13 | 41.12 | 42.25 | 35.59 |
| Performance ratios | |||||
| Return on average assets | 0.99% | 1.24% | 1.33% | 0.81% | 0.96% |
| Return on average common equity | 6.53% | 8.31% | 9.05% | 6.34% | 7.13% |
| Net interest margin (on a fully tax equivalent basis) | 3.28% | 3.54% | 3.46% | 3.02% | 3.29% |
| Dividend payout ratio | 50.08% | 40.92% | 35.53% | 51.85% | 50.21% |
| Asset quality ratios | |||||
| Nonperforming loans as a percent of gross loans | 0.70% | 0.38% | 0.39% | 0.20% | 0.71% |
| Nonperforming assets as a percent of total assets | 0.52% | 0.28% | 0.28% | 0.14% | 0.51% |
| Allowance for credit losses as a percent of total loans | 1.17% | 1.00% | 1.09% | 1.08% | 1.21% |
| Allowance for credit losses as a percent of nonperforming loans | 167.42% | 261.52% | 277.73% | 528.12% | 169.59% |
| Capital ratios | |||||
| Equity to assets | 15.45% | 14.96% | 14.96% | 14.78% | 12.89% |
| Tangible equity to tangible assets (1) | 10.86% | 10.31% | 10.26% | 10.31% | 9.26% |
| Tier 1 leverage capital ratio | 11.32% | 10.96% | 10.99% | 12.03% | 9.56% |
| Common equity tier 1 capital ratio | 14.65% | 14.19% | 14.33% | 14.30% | 12.67% |
| Tier 1 risk-based capital ratio | 14.65% | 14.19% | 14.33% | 14.30% | 13.34% |
| Total risk-based capital ratio | 16.04% | 15.91% | 16.11% | 16.04% | 15.13% |
(1) Represents a non-GAAP measurement. For reconciliation to GAAP measurement, see Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Executive Level Overview - Non-GAAP Measures”.
Financial Position
Securities Portfolio The Company’s securities portfolio primarily consists of U.S. Treasury, U.S. government agency securities, agency mortgage-backed securities, agency collateralized mortgage obligations, and small business administration pooled securities. Also included in the Company’s securities portfolio are trading and equity securities related to certain employee benefit programs. The majority of these securities are investment grade debt obligations with average lives of five years or less. U.S. government agency securities entail a lesser degree of risk than loans made by the Bank by virtue of the guarantees that back them, require less capital under risk-based capital rules than noninsured or nonguaranteed mortgage loans, are more liquid than individual mortgage loans, and may be used to collateralize borrowings or other obligations of the Bank. The Bank views its securities portfolio as a source of income and liquidity. Interest and principal payments generated from securities provide a source of liquidity to fund loans and meet short-term cash needs.
Total securities decreased by $219.5 million, or 7.5%, at December 31, 2024 as compared to December 31, 2023, as new purchases of $130.4 million and $22.6 million in unrealized gains related to the available for sale portfolio were offset by calls, paydowns, and maturities. The ratio of securities to total assets decreased to 14.0% at December 31, 2024 as compared to 15.1% at December 31, 2023. The Company estimates expected credit losses for its available for sale and held to maturity securities in accordance with the CECL methodology, as described in Note 1, “Summary of Significant Accounting Policies”within the Notes to Consolidated Financial Statements included in Item 8 of this Report.
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