INDEPENDENT BANK CORP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
INDB$84.81-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Income
| Years Ended December 31 | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (Dollars in thousands, except per share data) | |||
| Interest income | |||
| Interest and fees on loans | $922,225 | $789,274 | $730,008 |
| Taxable interest and dividends on securities | 79,268 | 57,092 | 60,336 |
| Non-taxable interest and dividends on securities | 345 | 6 | 6 |
| Interest on loans held for sale | 796 | 712 | 190 |
| Interest on federal funds sold and short-term investments | 19,766 | 5,669 | 5,186 |
| Total interest and dividend income | 1,022,400 | 852,753 | 795,726 |
| Interest expense | |||
| Interest on deposits | 274,396 | 246,962 | 144,752 |
| Interest on borrowings | 39,173 | 44,062 | 44,453 |
| Total interest expense | 313,569 | 291,024 | 189,205 |
| Net interest income | 708,831 | 561,729 | 606,521 |
| Provision for credit losses | 65,469 | 36,250 | 23,250 |
| Net interest income after provision for credit losses | 643,362 | 525,479 | 583,271 |
| Non-interest income | |||
| Deposit account fees | 32,141 | 26,455 | 23,486 |
| Interchange and ATM fees | 20,989 | 19,055 | 18,108 |
| Investment management | 50,045 | 42,744 | 40,191 |
| Mortgage banking income | 4,531 | 4,143 | 2,326 |
| Increase in cash surrender value of life insurance policies | 9,434 | 8,086 | 7,868 |
| Gain on life insurance benefits | 1,965 | 457 | 2,291 |
| Loan level derivative income | 3,564 | 2,117 | 3,327 |
| Other non-interest income | 26,020 | 24,957 | 27,012 |
| Total non-interest income | 148,689 | 128,014 | 124,609 |
| Non-interest expenses | |||
| Salaries and employee benefits | 287,499 | 233,653 | 222,135 |
| Occupancy and equipment expenses | 57,596 | 52,072 | 50,582 |
| Data processing & facilities management | 11,180 | 9,957 | 9,884 |
| Software and subscriptions | 24,216 | 18,152 | 16,165 |
| FDIC assessment | 12,500 | 10,892 | 11,953 |
| Debit card expense | 8,492 | 6,630 | 9,003 |
| Consulting expense | 6,613 | 7,125 | 8,954 |
| Amortization of intangible assets | 16,910 | 5,905 | 6,878 |
| Merger and acquisition expense | 39,635 | 1,902 | — |
| Other non-interest expenses | 65,240 | 60,078 | 57,192 |
| Total non-interest expenses | 529,881 | 406,366 | 392,746 |
| Income before income taxes | 262,170 | 247,127 | 315,134 |
| Provision for income taxes | 57,048 | 55,046 | 75,632 |
| Net Income | $205,122 | $192,081 | $239,502 |
| Basic earnings per share | $4.44 | $4.52 | $5.42 |
| Diluted earnings per share | $4.44 | $4.52 | $5.42 |
| Weighted average common shares (basic) | 46,169,692 | 42,499,492 | 44,181,540 |
| Common share equivalents | 21,390 | 12,309 | 12,007 |
| Weighted average common shares (diluted) | 46,191,082 | 42,511,801 | 44,193,547 |
| Cash dividends declared per common share | $2.36 | $2.28 | $2.20 |
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