Independent Bank Corp. INDB Income Statement

Independent bank corp. (INDB)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Interest income
Interest and fees on loans
411,460	294,293	253,131	224,244	214,724	197,021	189,748	178,309	174,450	177,064	172,128
Interest Income, Securities, Operating, Taxable
32,405	26,513	22,465	20,851	20,120	18,610	15,137	16,681	20,326	23,984	28,695
Nontaxable interest and dividends on securities
51	60	88	117	127	144	55	82	331	673	947
Interest on loans held for sale
891	159	92	235	225	405	774	988	482	666	629
Interest on federal funds sold and short-term investments
2,207	2,676	1,418	1,190	349	279	200	132	162	337	290
Total interest and dividend income
447,014	323,701	277,194	246,637	235,545	216,459	205,914	196,192	195,751	202,724	202,689
Interest expense
Interest on deposits
41,186	19,995	12,702	11,140	11,576	11,039	10,624	10,703	13,355	20,254	31,163
Interest on borrowings
12,693	5,541	5,632	7,653	9,041	9,378	12,712	12,690	15,317	18,509	20,832
Total interest expense
53,879	25,536	18,334	18,793	20,617	20,417	23,336	23,393	28,672	38,763	51,995
Net interest income
393,135	298,165	258,860	227,844	214,928	196,042	182,578	172,799	167,079	163,961	150,694
Provision for credit losses
6,000	4,775	2,950	6,075	1,500	10,403	10,200	18,056	11,482	18,655	17,335
Net interest income after provision for credit losses
387,135	293,390	255,910	221,769	213,428	185,639	172,378	154,743	155,597	145,306	133,359
Noninterest income
Deposit account fees
20,040	18,327	17,822	18,652	18,560	18,065	17,940	15,930	16,628	13,624	12,951
Interchange and ATM fees
22,152	18,916	17,291	16,210	14,728	12,975	10,883	9,783	7,733	5,084	4,109
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions
28,719	26,155	23,802	21,809	20,735	19,642	16,832	14,779	13,532	11,723	10,047
Mortgage banking income
11,454	4,071	4,960	6,607	5,163	3,384	6,734	6,500	4,197	5,041	4,857
Gain Realized on Life Insurance Policies
434	1,463	0	-	-	1,964	227	1,307	0	0	-
Available-For-Sale Securities - Fixed Income Gross Realized Gains
-	-	-	-	798	121	258	5	-	-	-
Available-For-Sale- Securities - Equity - Gross Realized Gains
-	-	-	-	20	91	-28	-	-	-	-
Increase in cash surrender value of life insurance policies
5,013	4,060	4,127	4,089	3,692	3,128	3,229	3,114	3,170	3,192	2,939
Loan level derivative income
6,478	2,373	3,836	6,155	3,830	2,477	3,439	3,457	2,093	1,364	-
Gain (Loss) on Sale of Equity Investments
-	-	-	-	-	-	-	111	-	-	-
Net gain on sales of securities
-	-	-	-	-	-	-	-	723	458	1,354
Gross change on OTTI securities
-	-	-	-	-	-	-	-	-	-497	-7,382
Less: portion of OTTI losses recognized in OCI
-	-	-	-	-	-	-	-	-	831	1,576
Gain Resulting From Early Termination of Hedging Relationship
-	-	-	-	-	-	-	-	-	-	3,778
Net impairment losses recognized in earnings on securities
-	-	-	-	-	-	-	-	-	334	8,958
Other noninterest income
21,004	13,140	11,156	8,906	8,362	8,096	7,732	7,030	4,624	6,754	7,115
Noninterest Income
115,294	88,505	82,994	82,428	75,888	69,943	68,009	62,016	52,700	46,906	38,192
Noninterest expenses
Salaries and employee benefits
149,165	124,328	116,600	108,636	105,068	94,044	89,894	84,014	81,275	76,983	68,257
Occupancy and equipment expenses
33,207	27,098	24,693	22,867	23,020	21,820	19,650	17,307	16,916	16,011	15,673
Data processing & facilities management
6,516	5,125	4,988	4,975	4,631	4,765	4,748	4,644	4,891	5,773	5,779
FDIC assessment
1,394	2,774	3,068	3,380	3,979	3,770	3,579	3,232	3,496	5,247	6,975
Advertising expense
5,444	4,942	4,989	5,202	4,645	3,859	4,280	3,949	3,876	2,171	2,199
Professional Fees
5,448	3,891	4,038	3,486	3,680	2,923	3,322	2,801	2,660	2,523	1,951
Cost, Amortization
5,545	2,344	2,711	-	-	-	-	-	-	-	-
Debit Card Expense
4,220	3,429	3,430	2,993	2,456	-	2,994	2,510	2,123	-	-
Legal Fees
-	-	-	-	-	-	-	-	-	3,277	2,961
Gains (Losses) on Extinguishment of Debt
-	-	-	-437	-122	0	763	0	0	-	-
Available-for-Sale Securities - Fixed Income Gross Realized Losses
1,462	0	0	-	1,124	21	0	-	-	-	-
Available-For-Sale Securities - Equity Gross Realized Losses
-	-	-	-	99	0	0	0	-	-	-
Goodwill impairment
-	-	-	-	-	-	-	2,227	0	0	-
Business Combination, Acquisition Related Costs
26,433	11,168	3,393	5,455	10,501	1,339	8,685	6,741	0	0	12,423
Software Maintenance
5,511	4,202	3,636	3,061	2,759	-	-	-	-	-	-
Prepayment fee on borrowings
-	-	-	-	-	-	-	7	-757	0	-
Telecommunication expense
-	-	-	-	-	-	-	-	-	2,101	2,635
Other noninterest expenses
39,976	36,668	32,813	31,630	35,054	39,297	36,497	32,027	29,719	25,659	22,962
Total noninterest expenses
284,321	225,969	204,359	192,122	197,138	171,838	173,649	159,459	145,713	139,745	141,815
Income before income taxes
218,108	155,926	134,545	112,075	92,178	83,744	66,738	57,300	62,584	52,467	29,736
Income Tax Expense (Benefit)
52,933	34,304	47,341	35,427	27,218	23,899	16,484	14,673	17,148	12,227	6,747
Net Income (Loss) Attributable to Parent
165,175	121,622	87,204	76,648	64,960	59,845	50,254	42,627	45,436	40,240	22,989
PREFERRED STOCK DIVIDEND
-	-	-	-	-	-	-	-	-	-	5,698
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS
-	-	-	-	-	-	-	-	-	-	17,291
Earnings Per Share, Basic
5.03	4.41	3.19	2.90	2.51	2.50	2.18	1.96	2.12	1.90	0.88
Earnings Per Share, Diluted
5.03	4.40	3.19	2.90	2.50	2.49	2.18	1.95	2.12	1.90	0.88
Weighted Average Number of Shares Outstanding, Basic
32,810	27,592	27,294	26,404	25,891	23,899	23,011	21,782	21,422	21,178	19,642
Weighted Average Number Diluted Shares Outstanding Adjustment
45	61	78	51	68	93	76	29	28	25	30
Weighted Average Number of Shares Outstanding, Diluted
32,856	27,653	27,372	26,455	25,959	23,993	23,088	21,812	21,451	21,203	19,673
Retained Earnings [Member]
Net Income (Loss) Attributable to Parent
165,175	121,622	87,204	76,648	-	-	-	-	-	-	-
Cash dividends declared per common share (in dollars per share)
1.76	1.52	1.28	1.16	-	-	0.88	0.84	0.76	0.72	0.72