INDEPENDENT BANK CORP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Table 1 - Average Balance, Interest Earned/Paid & Average Yields
The following table presents the Company’s average balances, net interest income, interest rate spread, and net interest margin for the years ended December 31, 2025, 2024 and 2023. Non-taxable income from loans and securities is presented on a fully tax-equivalent basis by adjusting tax-exempt income upward by an amount equivalent to the prevailing federal income taxes that would have been paid if the income had been fully taxable.
Table 19 - Average Balance, Interest Earned/Paid & Average Yields
| Years Ended December 31 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 · 2024 · 2023 | ||||||||||
| Average Balance · Interest Earned/ Paid · Average Yield · Average Balance · Interest Earned/ Paid · Average Yield · Average Balance · Interest Earned/ Paid · Average Yield | ||||||||||
| (Dollars in thousands) | ||||||||||
| Interest-earning assets | ||||||||||
| Interest-earning deposits with banks, federal funds sold, and short term investments | $479,484 | $19,766 | 4.12% | $125,066 | $5,669 | 4.53% | $118,806 | $5,186 | 4.37% | |
| Securities | ||||||||||
| Securities - trading | 4,642 | — | —% | 4,562 | — | —% | 4,411 | — | —% | |
| Securities - taxable investments | 3,017,694 | 79,268 | 2.63% | 2,791,246 | 57,092 | 2.05% | 3,027,769 | 60,336 | 1.99% | |
| Securities - non-taxable investments (1) | 12,410 | 435 | 3.51% | 192 | 7 | 3.65% | 190 | 7 | 3.68% | |
| Total securities | 3,034,746 | 79,703 | 2.63% | 2,796,000 | 57,099 | 2.04% | 3,032,370 | 60,343 | 1.99% | |
| Loans held for sale | 14,191 | 796 | 5.61% | 11,960 | 712 | 5.95% | 3,289 | 190 | 5.78% | |
| Loans | ||||||||||
| Commercial and industrial (1) | 3,919,199 | 243,517 | 6.21% | 3,166,715 | 195,751 | 6.18% | 3,196,129 | 191,726 | 6.00% | |
| Commercial real estate (1) | 7,508,938 | 401,783 | 5.35% | 6,811,838 | 354,941 | 5.21% | 6,525,394 | 315,040 | 4.83% | |
| Commercial construction (1) | 1,112,459 | 76,301 | 6.86% | 800,254 | 58,455 | 7.30% | 1,019,871 | 66,440 | 6.51% | |
| Total commercial | 12,540,596 | 721,601 | 5.75% | 10,778,807 | 609,147 | 5.65% | 10,741,394 | 573,206 | 5.34% | |
| Residential real estate | 2,688,113 | 125,455 | 4.67% | 2,434,114 | 106,797 | 4.39% | 2,217,971 | 88,210 | 3.98% | |
| Home equity | 1,216,821 | 77,589 | 6.38% | 1,115,598 | 75,543 | 6.77% | 1,093,546 | 70,698 | 6.47% | |
| Total consumer real estate | 3,904,934 | 203,044 | 5.20% | 3,549,712 | 182,340 | 5.14% | 3,311,517 | 158,908 | 4.80% | |
| Other consumer | 39,286 | 2,560 | 6.52% | 33,761 | 2,530 | 7.49% | 31,202 | 2,418 | 7.75% | |
| Total loans | 16,484,816 | 927,205 | 5.62% | 14,362,280 | 794,017 | 5.53% | 14,084,113 | 734,532 | 5.22% | |
| Total Interest-Earning Assets | 20,013,237 | 1,027,470 | 5.13% | 17,295,306 | 857,497 | 4.96% | 17,238,578 | 800,251 | 4.64% | |
| Cash and Due from Banks | 209,413 | 179,955 | 180,553 | |||||||
| Federal Home Loan Bank Stock | 23,627 | 37,155 | 33,734 | |||||||
| Other Assets | 2,051,126 | 1,831,516 | 1,853,585 | |||||||
| Total Assets | $22,297,403 | $19,343,932 | $19,306,450 | |||||||
| Interest-bearing liabilities | ||||||||||
| Deposits | ||||||||||
| Savings and interest checking accounts | $5,786,258 | $66,760 | 1.15% | $5,169,237 | $66,334 | 1.28% | $5,489,923 | $43,073 | 0.78% | |
| Money market | 4,019,900 | 96,768 | 2.41% | 2,941,539 | 69,998 | 2.38% | 3,022,322 | 51,630 | 1.71% | |
| Time certificates of deposits | 3,060,719 | 110,868 | 3.62% | 2,600,190 | 110,630 | 4.25% | 1,724,625 | 50,050 | 2.90% | |
| Total interest-bearing deposits | 12,866,877 | 274,396 | 2.13% | 10,710,966 | 246,962 | 2.31% | 10,236,870 | 144,753 | 1.41% | |
| Borrowings | ||||||||||
| Federal Home Loan Bank borrowings | 452,675 | 17,718 | 3.91% | 840,611 | 39,048 | 4.65% | 782,121 | 37,624 | 4.81% | |
| Line of credit, net | 1,905 | 116 | 6.09% | — | — | —% | — | — | —% | |
| Junior subordinated debentures | 62,861 | 3,867 | 6.15% | 62,859 | 4,506 | 7.17% | 62,857 | 4,359 | 6.93% | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Subordinated debt | 231,228 | 17,472 | 7.56% | 10,107 | 508 | 5.03% | 49,933 | 2,470 | 4.95% | |||||
| Total borrowings | 748,669 | 39,173 | 5.23% | 913,577 | 44,062 | 4.82% | 894,911 | 44,453 | 4.97% | |||||
| Total interest-bearing liabilities | 13,615,546 | 313,569 | 2.30% | 11,624,543 | 291,024 | 2.50% | 11,131,781 | 189,206 | 1.70% | |||||
| Non-interest-bearing demand deposits | 5,047,869 | 4,431,303 | 4,918,787 | |||||||||||
| Other liabilities | 325,414 | 345,286 | 374,585 | |||||||||||
| Total liabilities | 18,988,829 | 16,401,132 | 16,425,153 | |||||||||||
| Stockholders’ equity | 3,308,574 | 2,942,800 | 2,881,297 | |||||||||||
| Total liabilities and stockholders’ equity | $22,297,403 | $19,343,932 | $19,306,450 | |||||||||||
| Net interest income (1) | $713,901 | $566,473 | $611,045 | |||||||||||
| Interest rate spread (2) | 2.83% | 2.46% | 2.94% | |||||||||||
| Net interest margin (3) | 3.57% | 3.28% | 3.54% | |||||||||||
| Supplemental Information | ||||||||||||||
| Total deposits, including demand deposits | $17,914,746 | $274,396 | $15,142,269 | $246,962 | $15,155,657 | $144,753 | ||||||||
| Cost of total deposits | 1.53% | 1.63% | 0.96% | |||||||||||
| Total funding liabilities, including demand deposits | $18,663,415 | $313,569 | $16,055,846 | $291,024 | $16,050,568 | $189,206 | ||||||||
| Cost of total funding liabilities | 1.68% | 1.81% | 1.18% | |||||||||||
(1)The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $5.1 million, $4.7 million, and $4.5 million for 2025, 2024 and 2023, respectively.
(2)Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average costs of interest-bearing liabilities.
(3)Net interest margin represents net interest income as a percentage of average interest-earning assets.
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