Independent Bank Corp. INDB Income Statement

Independent bank corp. (INDB)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Interest income
Interest and fees on loans
99,022	104,724	110,205	112,923	83,608	79,807	75,220	72,082	67,184	66,384	65,667	62,287	58,793	57,561	56,778	55,636	54,269	54,464	54,557	54,016	51,687	49,910	49,514	49,393	48,204	48,031	47,019	47,720	46,978	47,168	44,251	43,813	43,077	43,533	43,763	43,938	43,216	44,436	44,785
Interest Income, Securities, Operating, Taxable
7,957	8,150	8,269	8,521	7,465	7,132	6,664	6,498	6,219	5,847	5,642	5,609	5,367	5,351	5,034	5,269	5,197	5,186	5,455	4,852	4,627	4,707	4,563	4,690	4,650	4,339	3,763	3,506	3,529	3,744	3,995	4,415	4,527	4,547	4,929	5,357	5,493	5,679	6,129
Nontaxable interest and dividends on securities
9	11	14	13	13	14	14	16	16	17	19	26	26	28	28	29	32	32	31	30	34	34	36	37	37	23	10	11	11	10	20	23	29	45	78	95	113	164	187
Interest on loans held for sale
232	364	456	40	31	49	61	30	19	24	33	21	14	65	81	57	32	52	64	58	51	99	159	96	51	113	156	237	268	447	255	156	130	177	116	70	119	174	110
Interest on federal funds sold and short-term investments
160	454	680	647	426	908	916	541	311	604	417	190	207	423	387	169	211	138	121	60	30	76	96	69	38	66	79	21	34	46	34	19	33	82	49	14	17	135	108
Total interest and dividend income
107,380	113,703	119,624	122,144	91,543	87,910	82,875	79,167	73,749	72,876	71,778	68,133	64,407	63,428	62,308	61,160	59,741	59,872	60,228	59,016	56,429	54,826	54,368	54,285	52,980	52,572	51,027	51,495	50,820	51,415	48,555	48,426	47,796	48,384	48,935	49,474	48,958	50,588	51,319
Interest expense
Interest on deposits
10,892	11,134	11,846	11,178	7,028	6,222	5,251	4,587	3,935	3,692	3,331	2,912	2,767	2,801	2,733	2,738	2,868	2,940	2,951	2,922	2,763	2,724	2,735	2,789	2,791	2,767	2,649	2,543	2,665	2,658	2,619	2,687	2,739	2,907	3,419	3,544	3,485	4,801	5,485
Interest on borrowings
2,184	2,576	3,180	4,947	1,990	1,396	1,390	1,412	1,343	1,352	1,374	1,466	1,440	1,875	1,907	1,889	1,982	2,045	2,232	2,347	2,417	2,282	2,070	2,443	2,583	2,900	3,182	3,337	3,293	3,277	3,098	3,111	3,204	3,621	3,842	3,854	4,000	4,590	4,667
Total interest expense
13,076	13,710	15,026	16,125	9,018	7,618	6,641	5,999	5,278	5,044	4,705	4,378	4,207	4,676	4,640	4,627	4,850	4,985	5,183	5,269	5,180	5,006	4,805	5,232	5,374	5,667	5,831	5,880	5,958	5,935	5,717	5,798	5,943	6,528	7,261	7,398	7,485	9,391	10,152
Net interest income
94,304	99,993	104,598	106,019	82,525	80,292	76,234	73,168	68,471	67,832	67,073	63,755	60,200	58,752	57,668	56,533	54,891	54,887	55,045	53,747	51,249	49,820	49,563	49,053	47,606	46,905	45,196	45,615	44,862	45,480	42,838	42,628	41,853	41,856	41,674	42,076	41,473	41,197	41,167
Provision for credit losses
25,000	4,000	0	1,000	1,000	1,200	1,075	2,000	500	1,300	0	1,050	600	4,000	950	600	525	500	800	700	-500	1,750	1,901	2,250	4,502	3,150	2,650	3,100	1,300	4,350	3,606	8,500	1,600	3,800	2,000	3,482	2,200	3,500	6,931
Net interest income after provision for credit losses
69,304	95,993	104,598	105,019	81,525	79,092	75,159	71,168	67,971	66,532	67,073	62,705	59,600	54,752	56,718	55,933	54,366	54,387	54,245	53,047	51,749	48,070	47,662	46,803	43,104	43,755	42,546	42,515	43,562	41,130	39,232	34,128	40,253	38,056	39,674	38,594	39,273	37,697	34,236
Noninterest income
Deposit account fees
4,970	5,255	5,299	5,080	4,406	4,687	4,658	4,551	4,431	4,485	4,401	4,392	4,544	4,673	4,766	4,618	4,595	5,175	4,754	4,465	4,166	4,587	4,656	4,463	4,359	4,776	4,604	4,343	4,217	4,159	3,959	3,923	3,889	4,254	4,223	4,192	3,959	3,178	3,257
Interchange and ATM fees
4,896	5,705	6,137	5,794	4,516	5,027	4,947	4,769	4,173	4,410	4,525	4,434	3,922	4,160	4,190	4,136	3,724	3,912	3,949	3,767	3,100	3,303	3,375	3,322	2,975	2,949	2,845	2,761	2,328	2,594	2,422	2,399	2,368	2,052	2,005	1,974	1,702	1,263	1,258
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions
6,829	7,630	7,188	7,153	6,748	6,627	6,564	6,822	6,142	6,226	5,967	5,995	5,614	5,626	5,446	5,734	5,003	5,119	4,981	5,528	5,107	4,887	5,016	5,136	4,603	4,416	4,175	4,357	3,884	3,666	3,723	3,827	3,563	3,222	3,491	3,603	3,216	2,851	3,189
Mortgage banking income
861	3,270	3,968	3,410	806	941	1,222	1,038	870	1,351	1,338	1,314	957	2,149	1,963	1,363	1,132	1,331	1,480	1,226	1,126	1,005	1,015	877	487	941	1,843	1,669	2,281	2,262	1,445	1,463	1,330	1,560	907	683	1,047	1,469	622
Gain Realized on Life Insurance Policies
357	-	434	-	0	-	1,463	-	-	-	0	-	-	-	-	-	-	-	-	-	-	0	0	337	1,627	227	0	0	0	-	1,307	-	-	-	0	-	-	-	-
Available-For-Sale Securities - Fixed Income Gross Realized Gains
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	798	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Available-For-Sale- Securities - Equity - Gross Realized Gains
-	-	-	-	-	-	-	-	-	-	12	3	4	-	0	5	0	-	0	19	-	-	67	-20	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase in cash surrender value of life insurance policies
1,276	1,441	1,304	1,296	972	1,131	984	998	947	1,127	1,019	1,017	964	1,109	984	982	1,014	1,007	958	949	778	911	774	721	722	904	793	786	746	903	757	741	713	847	757	860	706	901	731
Loan level derivative income
3,597	2,166	2,739	932	641	826	392	708	447	1,109	784	1,337	606	1,528	810	2,095	1,722	1,014	968	1,430	418	1,026	381	324	746	760	1,331	816	532	711	1,047	1,371	328	-	295	-	-	-	-
Gain (Loss) on Sale of Equity Investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	91	-	0	4	-	-	-	-	-	-	-	-	-	-	-
Net gain on sales of securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	723	-	-22	481
Gross change on OTTI securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-318	170	249	207	-63
Less: portion of OTTI losses recognized in OCI
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-290	306	289	214	21
Net impairment losses recognized in earnings on securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	28	136	40	7	84
Other noninterest income
3,649	7,830	4,747	4,983	3,444	4,252	3,034	3,001	2,853	3,225	2,724	2,906	2,301	2,522	2,257	2,162	1,965	2,264	2,157	2,079	1,862	2,679	1,814	1,697	1,906	2,264	1,776	1,956	1,736	2,605	1,448	1,259	1,718	376	665	1,575	2,008	2,021	1,484
Noninterest Income
26,435	33,297	31,816	28,648	21,533	23,491	23,264	21,887	19,863	21,914	20,770	21,398	18,912	21,762	20,416	21,095	19,155	19,823	19,247	20,261	16,557	18,472	17,098	16,857	17,516	17,463	18,130	16,692	15,724	17,016	16,108	14,983	13,909	14,313	12,315	13,474	12,598	11,654	10,938
Noninterest expenses
Salaries and employee benefits
37,349	37,764	39,432	38,852	33,117	31,845	31,095	30,288	31,100	30,333	29,289	28,654	28,324	27,075	27,395	26,977	27,189	26,777	26,685	26,318	25,288	24,470	23,651	22,843	23,080	22,931	22,654	21,594	22,715	22,099	20,704	19,775	21,436	20,693	20,568	19,762	20,252	19,792	18,406
Occupancy and equipment expenses
9,317	9,098	8,555	8,424	7,130	6,883	6,310	6,497	7,408	6,391	6,085	6,059	6,158	5,940	5,433	5,667	5,827	5,511	5,443	5,672	6,394	5,346	5,027	5,301	6,146	4,909	4,573	4,919	5,249	4,555	4,218	4,234	4,300	3,971	4,107	4,263	4,575	3,839	4,094
Data processing & facilities management
1,658	1,633	1,515	2,042	1,326	1,288	1,287	1,264	1,286	1,256	1,272	1,188	1,272	1,144	1,400	1,225	1,206	1,169	1,112	1,228	1,122	1,155	1,178	1,179	1,253	1,184	1,179	1,201	1,184	1,226	1,144	1,099	1,175	1,063	1,152	1,038	1,638	1,404	1,497
FDIC assessment
0	0	0	778	616	560	725	691	798	834	673	778	783	725	725	920	1,010	986	1,020	1,017	956	942	957	966	905	926	898	934	821	878	775	830	749	736	691	778	1,291	1,352	1,271
Advertising expense
1,105	1,532	1,417	1,282	1,213	1,258	1,395	1,166	1,123	971	1,359	1,365	1,294	1,068	1,654	1,223	1,257	544	1,414	1,853	834	607	1,179	1,249	824	870	759	1,479	1,172	471	1,267	1,473	738	629	703	1,606	938	469	789
Professional Fees
1,336	1,962	1,338	1,384	764	-	1,128	1,089	-	-	937	1,262	-	-	770	864	-	1,229	867	829	755	817	737	810	559	1,032	914	666	710	901	691	583	626	945	685	512	518	803	-
Amortization of Intangible Assets
1,531	-	1,567	1,572	857	-	507	512	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debit Card Expense
-	-	-	-	-	-	-	-	-	-	992	852	-	-	730	744	-	-	-	-	-	-	-	-	-	785	766	773	670	-	648	637	-	-	-	-	509	-	-
OREO Valuation Write-Off
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	189	-
Legal Fees
-	-	-	-	-	-	-	-	-	-	1,423	-	-	-	321	-	-	-	746	-	-	-	547	-	-	-	-	743	-	-	-	-	647	-	580	647	419	720	1,052
Gains (Losses) on Extinguishment of Debt
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-437	0	0	0	-122	-	-	-	-	-	763	-	-	-	0	-	-	-	-	-	-	-	-
Available-for-Sale Securities - Fixed Income Gross Realized Losses
-	-	0	1,462	-	-	0	0	-	-	-	-	-	-	-	-	-	-	0	1,124	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Available-For-Sale Securities - Equity Gross Realized Losses
-	-	-	-	-	-	-	-	-	-	1	2	3	-	0	3	29	91	0	8	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on termination of derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,122	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-
Goodwill impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,227	-	-	-	0	-	-	-	-
Business Combination, Acquisition Related Costs
0	0	705	24,696	1,032	8,046	2,688	434	0	0	0	2,909	484	4,764	151	206	334	0	0	271	10,230	585	677	0	77	6,220	366	754	1,345	5,474	595	672	0	-	0	-	-	-	-
Mortgage operations expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	820	-	-	-	-	-	-	-	-	-	-	-	-	715	-	-	-	60	-	-	-	-	-	-	-
Software Maintenance
1,685	1,598	1,385	1,363	1,165	1,154	1,079	997	972	922	888	896	930	807	765	735	754	-	-	677	625	-	-	-	662	-	599	597	681	-	491	-	-	-	-	-	-	-	-
Debt and Equity Securities, Unrealized Gain (Loss)
-1,799	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Telecommunication expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	655	-	479	666	618	-	522	534	527	513	532
Foreclosure Expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	594	-	-	217
Gain(Loss) on Other Real Estate Owned and Foreclosed Assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-114
Fair Value Mark on a Terminated Hedging Relationship
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	554
Other noninterest expenses
11,060	8,089	11,619	11,177	9,091	6,929	9,225	9,750	10,764	6,053	8,391	8,844	9,525	7,916	6,693	8,582	8,439	7,012	9,744	9,647	8,651	12,752	8,654	9,510	8,381	12,976	8,014	7,789	7,718	12,210	6,813	6,970	6,034	10,367	6,415	7,122	5,815	5,459	6,403
Total noninterest expenses
66,840	67,445	67,533	93,032	56,311	64,391	55,439	52,688	53,451	51,467	51,310	52,809	48,773	51,637	46,857	47,146	46,482	46,486	47,031	48,644	54,977	44,364	42,607	42,980	41,887	47,843	40,722	42,164	42,920	45,050	40,052	36,999	37,358	36,952	35,423	36,856	36,482	34,540	34,929
Income before income taxes
28,899	61,845	68,881	40,635	46,747	38,192	42,984	40,367	34,383	36,979	36,533	31,294	29,739	24,877	30,277	29,882	27,039	27,724	26,461	24,664	13,329	22,178	22,153	20,680	18,733	13,375	19,954	17,043	16,366	13,096	15,288	12,112	16,804	15,417	16,566	15,212	15,389	14,811	10,245
Current Federal, State and Local, Tax Expense (Benefit)
2,100	-	-	-	11,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income Tax Expense (Benefit)
-	-	17,036	10,007	-	8,258	9,969	9,249	6,828	14,915	12,681	10,731	9,014	7,698	9,793	9,508	8,428	8,269	7,867	7,213	3,869	6,200	6,415	5,934	5,350	2,786	5,299	4,285	4,114	3,127	3,687	3,238	4,621	4,248	4,607	4,092	4,201	3,666	2,215
Net Income (Loss) Attributable to Parent
26,751	47,477	51,845	30,628	35,225	29,934	33,015	31,118	27,555	22,064	23,852	20,563	20,725	17,179	20,484	20,374	18,611	19,455	18,594	17,451	9,460	15,978	15,738	14,746	13,383	10,589	14,655	12,758	12,252	9,969	11,601	8,874	12,183	11,169	11,959	11,120	11,188	11,145	8,030
Earnings Per Share, Basic
0.78	1.38	1.51	0.89	1.25	1.08	1.20	1.13	1.00	0.80	0.87	0.75	0.77	0.64	0.78	0.77	0.71	0.75	0.71	0.67	0.38	0.66	0.66	0.62	0.56	0.44	0.64	0.56	0.54	0.44	0.54	0.41	0.57	0.51	0.56	0.52	0.53	0.53	0.38
Earnings Per Share, Diluted
0.78	1.38	1.51	0.89	1.25	1.07	1.20	1.13	1.00	0.81	0.87	0.75	0.76	0.64	0.78	0.77	0.71	0.74	0.71	0.67	0.38	0.66	0.66	0.61	0.56	0.44	0.64	0.56	0.54	0.45	0.53	0.41	0.56	0.52	0.56	0.52	0.52	0.53	0.38
Weighted Average Number of Shares Outstanding, Basic
34,184	34,460	34,361	34,313	28,106	27,818	27,537	27,526	27,486	27,451	27,436	27,257	27,029	26,712	26,324	26,304	26,275	26,255	26,200	26,149	24,959	23,970	23,911	23,897	23,819	23,389	22,946	22,888	22,823	22,290	21,654	21,623	21,561	21,487	21,463	21,441	21,298	20,981	20,964
Weighted Average Number Diluted Shares Outstanding Adjustment
36	47	39	41	54	60	63	54	67	80	76	74	81	63	53	47	43	58	63	71	80	89	90	94	100	108	100	52	46	22	52	20	24	17	13	39	46	52	90
Weighted Average Number of Shares Outstanding, Diluted
34,221	34,508	34,400	34,355	28,160	27,878	27,601	27,581	27,553	27,532	27,513	27,332	27,110	26,775	26,377	26,352	26,318	26,314	26,264	26,221	25,040	24,059	24,002	23,991	23,919	23,497	23,047	22,940	22,869	22,313	21,706	21,644	21,585	21,504	21,476	21,481	21,344	21,034	21,055
Retained Earnings [Member]
Net Income (Loss) Attributable to Parent
26,751	47,477	51,845	30,628	35,225	29,934	33,015	31,118	27,555	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash dividends declared per common share (in dollars per share)
0.46	0.44	0.44	0.44	0.44	0.38	0.38	0.38	0.38	-	-	-	-	-	-	-	-	-	-	-	0.26	-	-	-	-	0.22	0.22	0.22	0.22	0.21	0.21	0.21	0.21	0.19	0.19	0.19	0.19	-	-