INDEPENDENT BANK CORP
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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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.
Sep 30, 2025 · Filed Nov 5, 2025
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Table 10 - Company and Bank’s Capital Amounts and Ratios
At September 30, 2025 and December 31, 2024, the Company and the Bank exceeded the minimum requirements for all applicable ratios that were in effect during the respective periods. The Company’s and the Bank’s capital amounts and ratios are presented in the following table, along with the applicable minimum requirements as of each date indicated:
Table 10 - Company and Bank’s Capital Amounts and Ratios
| Actual · For Capital Adequacy Purposes · To Be Well Capitalized Under PromptCorrective Action Provisions | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Amount · Ratio · Amount · Ratio · Amount · Ratio | |||||||||
| September 30, 2025 | |||||||||
| (Dollars in thousands) | |||||||||
| Company (consolidated) | |||||||||
| Total capital (to risk weighted assets) | $2,938,829 | 15.68% | $1,499,021 | ≥ | 8.0% | N/A | N/A | ||
| Common equity tier 1 capital (to risk weighted assets) | 2,406,238 | 12.84% | 843,199 | ≥ | 4.5% | N/A | N/A | ||
| Tier 1 capital (to risk weighted assets) | 2,406,238 | 12.84% | 1,124,266 | ≥ | 6.0% | N/A | N/A | ||
| Tier 1 capital (to average assets) | 2,406,238 | 10.11% | 952,313 | ≥ | 4.0% | N/A | N/A | ||
| Bank | |||||||||
| Total capital (to risk weighted assets) | $2,858,443 | 15.26% | $1,498,773 | ≥ | 8.0% | $1,873,466 | ≥ | 10.0% | |
| Common equity tier 1 capital(to risk weighted assets) | 2,683,127 | 14.32% | 843,060 | ≥ | 4.5% | 1,217,753 | ≥ | 6.5% | |
| Tier 1 capital (to risk weighted assets) | 2,683,127 | 14.32% | 1,124,080 | ≥ | 6.0% | 1,498,773 | ≥ | 8.0% | |
| Tier 1 capital (to average assets) | 2,683,127 | 11.27% | 952,384 | ≥ | 4.0% | 1,190,480 | ≥ | 5.0% | |
| December 31, 2024 | |||||||||
| (Dollars in thousands) | |||||||||
| Company (consolidated) | |||||||||
| Total capital (to risk weighted assets) | $2,299,003 | 16.04% | $1,146,816 | ≥ | 8.0% | N/A | N/A | ||
| Common equity tier 1 capital (to risk weighted assets) | 2,100,158 | 14.65% | 645,084 | ≥ | 4.5% | N/A | N/A | ||
| Tier 1 capital (to risk weighted assets) | 2,100,158 | 14.65% | 860,112 | ≥ | 6.0% | N/A | N/A | ||
| Tier 1 capital (to average assets) | 2,100,158 | 11.32% | 741,953 | ≥ | 4.0% | N/A | N/A | ||
| Bank | |||||||||
| Total capital (to risk weighted assets) | $2,210,775 | 15.43% | $1,146,528 | ≥ | 8.0% | $1,433,159 | ≥ | 10.0% | |
| Common equity tier 1 capital(to risk weighted assets) | 2,072,930 | 14.46% | 644,922 | ≥ | 4.5% | 931,554 | ≥ | 6.5% | |
| Tier 1 capital (to risk weighted assets) | 2,072,930 | 14.46% | 859,896 | ≥ | 6.0% | 1,146,528 | ≥ | 8.0% | |
| Tier 1 capital (to average assets) | 2,072,930 | 11.18% | 741,843 | ≥ | 4.0% | 927,303 | ≥ | 5.0% | |
In addition to the minimum risk-based capital requirements outlined in the table above, the Company is required to maintain a minimum capital conservation buffer, in the form of common equity, in order to avoid restrictions on capital distributions and discretionary bonuses. The required amount of the capital conservation buffer is 2.5%. At September 30, 2025, the Company’s capital levels exceeded the buffer.
Dividend Restrictions The Company is subject to capital and dividend requirements administered by federal and state bank regulators, and the Company will not declare a cash dividend that would cause the Company to violate regulatory requirements. The Company is, in the ordinary course of business, dependent upon the receipt of cash dividends from the Bank to pay cash dividends to shareholders and satisfy the Company’s other cash needs. Federal and state law impose limits on capital distributions by the Bank. Massachusetts-chartered banks, such as the Bank, may declare from net profits cash dividends not more frequently than quarterly and non-cash dividends at any time. No dividends may be declared, credited, or paid if the Bank’s capital stock would be impaired. Massachusetts Bank Commissioner approval is required if the total of all dividends declared by the Bank in any calendar year would exceed the total of its net profits for that year combined with its retained net profits of the preceding two years, less any required transfer to surplus or a fund for the retirement of any preferred stock. Dividends paid by the Bank to the Company totaled $29.4 million and $45.3 million for the three months ended September 30, 2025 and 2024, respectively, and totaled $79.7 million and $138.5 million for the nine months ended September 30, 2025 and 2024, respectively.
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