INDEPENDENT BANK CORP
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
View on SEC.govAbout this filing
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.
Jun 30, 2026 · Filed Aug 6, 2026
Contents
Table 13 - Volume Rate Analysis
The following table presents certain information on a FTE basis regarding changes in the Company’s interest income and interest expense for the periods indicated. For each category of interest-earning assets and interest-bearing liabilities, information is provided with respect to changes attributable to: (1) changes in rate (change in rate multiplied by prior period volume), (2) changes in volume (change in volume multiplied by old rate), and (3) changes in volume/rate (change in volume multiplied by change in rate) which is allocated to the change due to rate column:
Table 13 - Volume Rate Analysis
| Three Months Ended June 30 · Six Months Ended June 30 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2026 Compared To 2025 · 2026 Compared To 2025 | ||||||||
| ChangeDue toRate · ChangeDue toVolume · Total Change · ChangeDue toRate · ChangeDue toVolume · Total Change | ||||||||
| (Dollars in thousands) | ||||||||
| Income on interest-earning assets | ||||||||
| Interest earning deposits, federal funds sold and short term investments | $(665) | $(1,095) | $(1,760) | $(1,355) | $1,814 | $459 | ||
| Securities | ||||||||
| Securities - taxable investments | 6,697 | 3,522 | 10,219 | 13,444 | 6,739 | 20,183 | ||
| Securities - non-taxable investments (1) | 23 | 104 | 127 | 104 | 166 | 270 | ||
| Total securities | 10,346 | 20,453 | ||||||
| Loans held for sale | (5) | 75 | 70 | (32) | 262 | 230 | ||
| Loans | ||||||||
| Commercial and industrial (1) | 908 | 20,128 | 21,036 | (743) | 41,311 | 40,568 | ||
| Commercial real estate (1) | 5,368 | 18,580 | 23,948 | 13,587 | 36,741 | 50,328 | ||
| Commercial construction | (684) | 10,969 | 10,285 | (303) | 21,347 | 21,044 | ||
| Total commercial | 55,269 | 111,940 | ||||||
| Residential real estate | 1,403 | 4,292 | 5,695 | 4,780 | 8,702 | 13,482 | ||
| Home equity | (921) | 2,624 | 1,703 | (1,761) | 5,119 | 3,358 | ||
| Total consumer real estate | 7,398 | 16,840 | ||||||
| Other consumer | (16) | 101 | 85 | (24) | 180 | 156 | ||
| Total loans (1)(2) | 62,752 | 128,936 | ||||||
| Total income of interest-earning assets | $71,408 | $150,078 | ||||||
| Expense of interest-bearing liabilities | ||||||||
| Deposits | ||||||||
| Savings and interest checking accounts | $(3,935) | $3,503 | $(432) | $(7,653) | $6,942 | $(711) | ||
| Money market | (2,655) | 8,893 | 6,238 | (5,087) | 18,287 | 13,200 | ||
| Time certificates of deposits | (2,714) | 4,706 | 1,992 | (7,011) | 9,819 | 2,808 | ||
| Total interest bearing deposits | 7,798 | 15,297 | ||||||
| Borrowings | ||||||||
| Federal Home Loan Bank and other borrowings | (124) | (1,329) | (1,453) | (389) | (3,034) | (3,423) | ||
| Line of Credit | 1,423 | — | 1,423 | 2,178 | — | 2,178 | ||
| Junior subordinated debentures | (100) | — | (100) | (200) | — | (200) | ||
| Subordinated debentures | (7) | 8 | 1 | 45 | 5,163 | 5,208 | ||
| Total borrowings | (129) | 3,763 | ||||||
| Total expense of interest-bearing liabilities | 7,669 | 19,060 | ||||||
| Change in net interest income | $63,739 | $131,018 | ||||||
(1)Reflects income determined on a FTE basis. See footnote (1) to Tables 11 and 12 in this Report for the related adjustments.
(2)Loans include portfolio loans and non-accrual loans; however, unpaid interest on non-accrual loans has not been included for purposes of determining interest income.
Provision For Credit Losses The provision for credit losses represents the charge to expense that is required to maintain an adequate level of allowance for credit losses. The Company recorded a provision for credit loss of $6.3 million and $11.8 million for the three and six months ended June 30, 2026, respectively, as compared to $7.2 million and $22.2 million for the three and six months ended June 30, 2025, respectively, reflecting lower levels of charge-off activity and specific reserve allocations.
The Company’s allowance for credit losses, as a percentage of total loans, was 1.06% at June 30, 2026, 1.03% at December 31, 2025, and 1.00% at June 30, 2025. Refer to Note 4, “Loans, Allowance for Credit Losses and Credit Quality” within the Notes to Consolidated Financial Statements included in Part I. Item 1 of this Report, for further details surrounding the primary drivers of the provision for credit losses for the period.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.