Independent Bank Corp (Massachusetts) INDB

FinancialsBanking ServicesUnited States of America

Last close 82.74 USD on Nov 1, 2026, +16.0% year to date

Quant rating

Quant rating B Rank 182 of 799 in Financials

Growth B 199 of 799
Valuation C 472 of 799
Quality C 331 of 799
Revisions B 145 of 799
Momentum B 287 of 799

Wall Street consensus Buy (2.14)Average target 94.00 USD +13.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.9B
Enterprise value: 4.1B
52-week range: 65.80 – 87.48
3-year range: 46.43 – 87.48
Dividend yield: 3.09%
Beta (5 years): 0.77
Shares outstanding: 46.9M
Next earnings: Jan 20, 2027

About the company

Independent Bank Corp. is the holding company of Rockland Trust Company (the Bank). With retail branches in Eastern Massachusetts, Worcester County, and Southern New Hampshire, as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island, the Bank offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. The Bank also offers a full suite of mobile, online, and telephone banking services. The Bank's commercial, consumer real estate, and other consumer loan portfolios consist of loans made to residents and businesses located in the Bank's market area. Its commercial loans consist of commercial real estate loans, commercial construction loans, commercial and industrial loans, and small business loans. The Bank's consumer portfolio consists of real estate loans comprised of residential mortgages and home equity loans and lines, all secured by one-to-four family residential properties.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,022	853	796	643	415	–
Revenue growth	19.9%	7.2%	23.8%	54.8%	3.3%	20.5%
EPS (basic, normalized)	5.29	4.55	5.42	5.81	4.37	–
EPS growth	16.2%	−16.0%	−6.6%	32.7%	21.7%	8.1%
Gross margin	–	–	–	–	–	–
Net margin	20.1%	22.5%	30.1%	41.0%	29.1%	28.6%
ROE	7.9%	6.5%	8.3%	6.0%	8.0%	7.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	12.8%
Long-term debt (mil)	510
Net debt (mil)	–
Total equity (mil)	3,452
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	1,022	+19.9%	4.1x	72.41	+2.7%	1.1x	5.64	+24.0%	14.7x
2026	1,035	+1.2%	4.0x	75.86	+4.8%	1.1x	7.19	+27.5%	11.5x
2027	1,084	+4.8%	3.8x	81.22	+7.1%	1.0x	8.33	+15.8%	9.9x
2028	1,145	+5.6%	3.6x	86.98	+7.1%	1.0x	9.42	+13.2%	8.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,035	0.0%	0.0%	−1.1%	7.19	+0.5%	+0.6%	−1.4%
2027	1,084	−0.1%	−0.1%	−1.9%	8.33	+0.1%	+0.1%	−0.1%
2028	1,145	+0.3%	–	–	9.42	+3.9%	−2.4%	−0.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	170	175	177	178	182	244	254	253	253	262
Sales mean (mil)	169	175	176	175	178	243	249	249	257	261
Surprise	+1.0%	+0.3%	+0.7%	+1.7%	+2.0%	+0.4%	+1.9%	+1.4%	−1.6%	+0.3%
EPS reported	1.21	1.01	1.21	1.06	1.25	1.55	1.70	1.68	1.70	1.90
EPS mean	1.11	1.05	1.16	1.16	1.21	1.53	1.65	1.65	1.78	1.84
Surprise	+8.5%	−4.3%	+4.1%	−8.2%	+3.3%	+1.0%	+2.8%	+1.6%	−4.3%	+3.2%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
INDB Independent Bank Corp (Massachusetts)	3.9B	12.8%	20.1%	1.10x	11.5x	9.9x	1.1x	1.0x
FITB Fifth Third Bancorp	48.9B	10.8%	24.0%	1.43x	13.3x	10.8x	1.5x	1.4x
CBC Central Bancompany, Inc.	8.6B	28.6%	39.4%	1.41x	18.7x	17.6x	2.2x	2.0x
VLY Valley National Bancorp	7.8B	11.4%	17.6%	1.05x	10.9x	9.3x	1.0x	0.9x
HWC Hancock Whitney Corporation	5.8B	13.2%	30.0%	1.51x	11.2x	9.9x	1.3x	1.2x
EBC Eastern Bankshares Inc	5.1B	13.0%	7.6%	1.12x	11.9x	10.4x	1.2x	1.1x
Mean		15.0%	23.1%	1.27x	12.9x	11.3x	1.4x	1.3x
Median		12.9%	22.0%	1.26x	11.7x	10.2x	1.2x	1.1x

Technical analysis

1M+4.0%
3M−3.2%
1Y+25.1%
3Y+94.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Independent Bank Corp (Massachusetts), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	1,022	853	796	643	415	402
Total interest expense	314	291	189	29.6	13.7	34.3
Net interest income	709	562	607	613	402	368
Loan loss provision	65.5	36.2	23.2	6.5	18.2	52.5
Net interest income after loan loss provision	643	525	583	607	383	315
Non-interest income	149	128	125	115	106	111
Non-interest expense	−530	−406	−393	−374	−333	−274
Net income before taxes	262	247	315	348	157	153
Provision for taxes	57.0	55.0	75.6	83.9	35.7	36.5
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	205	192	240	264	121	116
Extraordinary items	–	–	–	–	–	4.8
Net income	205	192	240	264	121	121
Basic weighted average shares (mil)	46.2	42.5	44.2	46.4	34.9	33.3
Diluted weighted average shares (mil)	46.2	42.5	44.2	46.4	34.9	33.3
Basic EPS excluding extraordinary items	4.44	4.52	5.42	5.69	3.47	3.50
Basic EPS, normalized	5.29	4.55	5.42	5.81	4.37	3.59

Balance sheet in millions of USD, fiscal years

Balance sheet, Independent Bank Corp (Massachusetts), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	230	188	179	176	142	169
Other earning assets	3,909	2,782	3,026	3,314	4,800	2,358
Net loans	18,314	14,338	14,136	13,776	13,440	9,279
Property, plant & equipment	291	248	247	255	256	166
Goodwill	1,091	985	985	985	985	506
Intangibles	134	12.3	18.2	25.1	32.8	23.1
Long-term investments	–	–	–	–	–	–
Other long-term assets	–	–	–	–	–	–
Other assets	944	820	756	762	768	702
Total assets	24,913	19,374	19,347	19,294	20,423	13,204
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	75.4	56.5	56.3	60.7	63.9	56.4
Total deposits	20,127	15,306	14,866	15,879	16,917	10,993
Other bearing liabilities	417	639	1,106	0.6	25.7	35.7
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	409	62.9	113	113	127	145
Minority interest	–	–	–	–	–	–
Other liabilities	319	317	312	354	272	271
Total liabilities	21,347	16,380	16,452	16,407	17,405	11,502
Shareholders' equity
Preferred stock	0	0	–	0	–	0
Common stock	3.9	3.8	3.7	3.7	3.6	3.4
Additional paid-in capital	2,336	1,910	1,932	2,115	2,249	946
Retained earnings (accumulated deficit)	1,269	1,173	1,077	934	767	716
Treasury stock	–	–	–	–	–	–
Other equity	−43.2	−93.4	−118	−166	−1.0	37.6
Total equity	3,566	2,993	2,895	2,887	3,018	1,703
Total liabilities & shareholders' equity	24,913	19,374	19,347	19,294	20,423	13,204

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Independent Bank Corp (Massachusetts), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	205	192	240	264	121	121
Depreciation, depletion & amortization	42.1	40.9	36.1	38.8	32.8	27.3
Deferred taxes	−3.3	−10.6	2.7	−1.3	3.1	−17.5
Non-cash items	−20.1	−17.6	−19.5	−31.6	−43.4	−24.3
Changes in working capital	27.2	25.2	18.1	151	76.7	−42.0
Cash from operations	251	230	277	421	190	64.6
Investing activities
Capital expenditures	−12.1	−20.4	−15.8	−22.1	−25.2	−12.6
Other investing cash flows	17.2	−12.6	−196	−978	−37.9	−476
Cash from investing	5.0	−33.0	−212	−1,000	−63.1	−488
Financing activities
Financing cash flow items	111	−58.5	−98.7	−1,203	896	1,670
Cash dividends paid	−104	−96.2	−98.0	−93.7	−62.7	−60.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	288	−46.7	2.7	−11.7	−16.8	−39.9
Cash from financing	296	−201	−194	−1,308	817	1,569
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	552	−4.4	−129	−1,888	944	1,146
Free cash flow	239	209	261	399	165	52.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.