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 3 - 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 3 - Mortgage Servicing Asset
| Three Months Ended September 30 | Nine Months Ended September 30 | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (Dollars in thousands) | ||||
| Balance at beginning of period | $2,288 | $2,571 | $2,466 | $2,641 |
| Additions | 50 | 20 | 58 | 56 |
| Amortization | (88) | (100) | (258) | (306) |
| Change in valuation allowance | 3 | (14) | (13) | 86 |
| Balance at end of period | $2,253 | $2,477 | $2,253 | $2,477 |
See Note 8, “Derivative and Hedging Activities”within the Notes to Consolidated Financial Statements included in Part I. Item 1 of this Report for more information on mortgage activity and mortgage related derivatives.
Loan Portfolio The Company’s total loan portfolio at September 30, 2025 increased $3.9 billion, or 27.2%, when compared to December 31, 2024, primarily due to the Enterprise acquisition. On the commercial side, the commercial and industrial portfolio increased organically by 7.3% but was offset by a decline in the commercial real estate and commercial construction portfolios. Organically, the consumer real estate portfolio increased by 1.9%, driven by growth within the home equity portfolio.
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