INDEPENDENT BANK CORP
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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Table 7 - Mortgage Servicing Asset
The following table shows the adjusted cost of the servicing rights associated with these loans and the changes for the periods indicated:
Table 7 - Mortgage Servicing Asset
| 2024 | 2023 | |
|---|---|---|
| (Dollars in thousands) | ||
| Beginning balance | $2,641 | $2,947 |
| Additions | 56 | 5 |
| Amortization | (392) | (485) |
| Change in valuation allowance | 161 | 174 |
| Ending balance | $2,466 | $2,641 |
See Note 9, “Derivatives and Hedging Activities,”within the Notes to Consolidated Financial Statements included in Item 8 of this Report for more information on mortgage activity and mortgage related derivatives.
Loan Portfolio The Company’s loan portfolio at December 31, 2024 increased by $230.3 million, or 1.6%, when compared to December 31, 2023. Total commercial loans increased by $145.2 million, or 1.4%, fueled primarily by the commercial and industrial portfolio, which increased by $121.8 million, or 4.2%, along with steady growth in the small business portfolio, which increased by $29.8 million, or 11.8%, during the period, while the combined commercial real estate and construction portfolios remained relatively flat. The total consumer portfolio increased $85.1 million, or 2.4%, reflecting solid growth in both the home equity and residential real estate portfolios, which increased by $42.5 million, or 3.9%, and $35.8 million, or 1.5%, respectively.
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