Independent Bank Corp. INDB Income Statement

Independent bank corp. (INDB)

Income statement / TTM

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
426,874	411,460	386,543	351,558	310,717	294,293	280,870	271,317	261,522	253,131	244,308	235,419	228,768	224,244	221,147	218,926	217,306	214,724	210,170	205,127	200,504	197,021	195,142	192,647	190,974	189,748	188,885	186,117	182,210	178,309	174,674	174,186	174,311	174,450	175,353	176,375	0	0	0
Interest Income, Securities, Operating, Taxable
32,897	32,405	31,387	29,782	27,759	26,513	25,228	24,206	23,317	22,465	21,969	21,361	21,021	20,851	20,686	21,107	20,690	20,120	19,641	18,749	18,587	18,610	18,242	17,442	16,258	15,137	14,542	14,774	15,683	16,681	17,484	18,418	19,360	20,326	21,458	22,658	0	0	0
Nontaxable interest and dividends on securities
47	51	54	54	57	60	63	68	78	88	99	108	111	117	121	124	125	127	129	134	141	144	133	107	81	55	42	52	64	82	117	175	247	331	450	559	0	0	0
Interest on loans held for sale
1,092	891	576	181	171	159	134	106	97	92	133	181	217	235	222	205	206	225	272	367	405	405	419	416	557	774	1,108	1,207	1,126	988	718	579	493	482	479	473	0	0	0
Interest on federal funds sold and short-term investments
1,941	2,207	2,661	2,897	2,791	2,676	2,372	1,873	1,522	1,418	1,237	1,207	1,186	1,190	905	639	530	349	287	262	271	279	269	252	204	200	180	135	133	132	168	183	178	162	215	274	0	0	0
Total interest and dividend income
462,851	447,014	421,221	384,472	341,495	323,701	308,667	297,570	286,536	277,194	267,746	258,276	251,303	246,637	243,081	241,001	238,857	235,545	230,499	224,639	219,908	216,459	214,205	210,864	208,074	205,914	204,757	202,285	199,216	196,192	193,161	193,541	194,589	195,751	197,955	200,339	0	0	0
Interest expense
Interest on deposits
45,050	41,186	36,274	29,679	23,088	19,995	17,465	15,545	13,870	12,702	11,811	11,213	11,039	11,140	11,279	11,497	11,681	11,576	11,360	11,144	11,011	11,039	11,082	10,996	10,750	10,624	10,515	10,485	10,629	10,703	10,952	11,752	12,609	13,355	15,249	17,315	0	0	0
Interest on borrowings
12,887	12,693	11,513	9,723	6,188	5,541	5,497	5,481	5,535	5,632	6,155	6,688	7,111	7,653	7,823	8,148	8,606	9,041	9,278	9,116	9,212	9,378	9,996	11,108	12,002	12,712	13,089	13,005	12,779	12,690	13,034	13,778	14,521	15,317	16,286	17,111	0	0	0
Total interest expense
57,937	53,879	47,787	39,402	29,276	25,536	22,962	21,026	19,405	18,334	17,966	17,901	18,150	18,793	19,102	19,645	20,287	20,617	20,638	20,260	20,223	20,417	21,078	22,104	22,752	23,336	23,604	23,490	23,408	23,393	23,986	25,530	27,130	28,672	31,535	34,426	0	0	0
Net interest income
404,914	393,135	373,434	345,070	312,219	298,165	285,705	276,544	267,131	258,860	249,780	240,375	233,153	227,844	223,979	221,356	218,570	214,928	209,861	204,379	199,685	196,042	193,127	188,760	185,322	182,578	181,153	178,795	175,808	172,799	169,175	168,011	167,459	167,079	166,420	165,913	0	0	0
Provision for credit losses
30,000	6,000	3,200	4,275	5,275	4,775	4,875	3,800	2,850	2,950	5,650	6,600	6,150	6,075	2,575	2,425	2,525	1,500	2,750	3,851	5,401	10,403	11,803	12,552	13,402	10,200	11,400	12,356	17,756	18,056	17,506	15,900	10,882	11,482	11,182	16,113	0	0	0
Net interest income after provision for credit losses
374,914	387,135	370,234	340,795	306,944	293,390	280,830	272,744	264,281	255,910	244,130	233,775	227,003	221,769	221,404	218,931	216,045	213,428	207,111	200,528	194,284	185,639	181,324	176,208	171,920	172,378	169,753	166,439	158,052	154,743	151,669	152,111	156,577	155,597	155,238	149,800	0	0	0
Noninterest income
Deposit account fees
20,604	20,040	19,472	18,831	18,302	18,327	18,125	17,868	17,709	17,822	18,010	18,375	18,601	18,652	19,154	19,142	18,989	18,560	17,972	17,874	17,872	18,065	18,254	18,202	18,082	17,940	17,323	16,678	16,258	15,930	16,025	16,289	16,558	16,628	15,552	14,586	0	0	0
Interchange and ATM fees
22,532	22,152	21,474	20,284	19,259	18,916	18,299	17,877	17,542	17,291	17,041	16,706	16,408	16,210	15,962	15,721	15,352	14,728	14,119	13,545	13,100	12,975	12,621	12,091	11,530	10,883	10,528	10,105	9,743	9,783	9,241	8,824	8,399	7,733	6,944	6,197	0	0	0
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions
28,800	28,719	27,716	27,092	26,761	26,155	25,754	25,157	24,330	23,802	23,202	22,681	22,420	21,809	21,302	20,837	20,631	20,735	20,503	20,538	20,146	19,642	19,171	18,330	17,551	16,832	16,082	15,630	15,100	14,779	14,335	14,103	13,879	13,532	13,161	12,859	0	0	0
Mortgage banking income
11,509	11,454	9,125	6,379	4,007	4,071	4,481	4,597	4,873	4,960	5,758	6,383	6,432	6,607	5,789	5,306	5,169	5,163	4,837	4,372	4,023	3,384	3,320	4,148	4,940	6,734	8,055	7,657	7,451	6,500	5,798	5,260	4,480	4,197	4,106	3,821	0	0	0
Gain Realized on Life Insurance Policies
0	-	0	-	0	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	1,964	2,191	2,191	1,854	227	1,307	0	0	-	0	-	-	-	0	-	-	-	-
Available-For-Sale Securities - Fixed Income Gross Realized Gains
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Available-For-Sale- Securities - Equity - Gross Realized Gains
-	-	-	-	-	-	-	-	-	-	20	8	10	-	5	24	0	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase in cash surrender value of life insurance policies
5,317	5,013	4,703	4,383	4,085	4,060	4,056	4,091	4,110	4,127	4,109	4,074	4,039	4,089	3,987	3,961	3,928	3,692	3,596	3,412	3,184	3,128	3,121	3,140	3,205	3,229	3,228	3,192	3,147	3,114	3,058	3,058	3,177	3,170	3,224	3,198	0	0	0
Loan level derivative income
9,434	6,478	5,138	2,791	2,567	2,373	2,656	3,048	3,677	3,836	4,255	4,281	5,039	6,155	5,641	5,799	5,134	3,830	3,842	3,255	2,149	2,477	2,211	3,161	3,653	3,439	3,390	3,106	3,661	3,457	3,041	0	0	-	0	-	-	-	-
Gain (Loss) on Sale of Equity Investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-
Net gain on sales of securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0
Gross change on OTTI securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	308	563	0	0	0
Less: portion of OTTI losses recognized in OCI
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	519	830	0	0	0
Net impairment losses recognized in earnings on securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	211	267	0	0	0
Other noninterest income
21,209	21,004	17,426	15,713	13,731	13,140	12,113	11,803	11,708	11,156	10,453	9,986	9,242	8,906	8,648	8,548	8,465	8,362	8,777	8,434	8,052	8,096	7,681	7,643	7,902	7,732	8,073	7,745	7,048	7,030	4,801	4,018	4,334	4,624	6,269	7,088	0	0	0
Noninterest Income
120,196	115,294	105,488	96,936	90,175	88,505	86,928	84,434	83,945	82,994	82,842	82,488	82,185	82,428	80,489	79,320	78,486	75,888	74,537	72,388	68,984	69,943	68,934	69,966	69,801	68,009	67,562	65,540	63,831	62,016	59,313	55,520	54,011	52,700	50,041	48,664	0	0	0
Noninterest expenses
Salaries and employee benefits
153,397	149,165	143,246	134,909	126,345	124,328	122,816	121,010	119,376	116,600	113,342	111,448	109,771	108,636	108,338	107,628	106,969	105,068	102,761	99,727	96,252	94,044	92,505	91,508	90,259	89,894	89,062	87,112	85,293	84,014	82,608	82,472	82,459	81,275	80,374	78,212	0	0	0
Occupancy and equipment expenses
35,394	33,207	30,992	28,747	26,820	27,098	26,606	26,381	25,943	24,693	24,242	23,590	23,198	22,867	22,438	22,448	22,453	23,020	22,855	22,439	22,068	21,820	21,383	20,929	20,547	19,650	19,296	18,941	18,256	17,307	16,723	16,612	16,641	16,916	16,784	16,771	0	0	0
Data processing & facilities management
6,848	6,516	6,171	5,943	5,165	5,125	5,093	5,078	5,002	4,988	4,876	5,004	5,041	4,975	5,000	4,712	4,715	4,631	4,617	4,683	4,634	4,765	4,794	4,795	4,817	4,748	4,790	4,755	4,653	4,644	4,481	4,489	4,428	4,891	5,232	5,577	0	0	0
FDIC assessment
778	1,394	1,954	2,679	2,592	2,774	3,048	2,996	3,083	3,068	2,959	3,011	3,153	3,380	3,641	3,936	4,033	3,979	3,935	3,872	3,821	3,770	3,754	3,695	3,663	3,579	3,531	3,408	3,304	3,232	3,090	3,006	2,954	3,496	4,112	4,692	0	0	0
Advertising expense
5,336	5,444	5,170	5,148	5,032	4,942	4,655	4,619	4,818	4,989	5,086	5,381	5,239	5,202	4,678	4,438	5,068	4,645	4,708	4,473	3,869	3,859	4,122	3,702	3,932	4,280	3,881	4,389	4,383	3,949	4,107	3,543	3,676	3,876	3,716	3,802	0	0	0
Professional Fees
6,020	5,448	4,614	4,365	0	-	0	0	-	-	0	0	-	-	0	0	-	3,680	3,268	3,138	3,119	2,923	3,138	3,315	3,171	3,322	3,191	2,968	2,885	2,801	2,845	2,839	2,768	2,660	2,518	0	0	0	-
Amortization of Intangible Assets
0	-	0	0	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debit Card Expense
-	-	-	-	-	-	-	-	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	2,994	2,857	2,728	0	-	0	0	-	-	-	-	0	-	-
OREO Valuation Write-Off
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-
Legal Fees
-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	-	0	-	-	-	0	-	-	-	-	0	-	-	-	-	0	-	2,366	2,838	0	0	0
Gains (Losses) on Extinguishment of Debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-437	-437	-437	-437	-122	0	0	0	-	-	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-
Available-for-Sale Securities - Fixed Income Gross Realized Losses
-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Available-For-Sale Securities - Equity Gross Realized Losses
-	-	-	-	-	-	-	-	-	-	6	5	6	-	123	123	128	99	8	8	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on termination of derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-
Goodwill impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	-	-
Business Combination, Acquisition Related Costs
25,401	26,433	34,479	36,462	12,200	11,168	3,122	434	2,909	3,393	8,157	8,308	5,605	5,455	691	540	605	10,501	11,086	11,763	11,492	1,339	6,974	6,663	7,417	8,685	7,939	8,168	8,086	6,741	1,267	0	0	-	0	-	-	-	-
Mortgage operations expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-
Software Maintenance
6,031	5,511	5,067	4,761	4,395	4,202	3,970	3,779	3,678	3,636	3,521	3,398	3,237	3,061	0	0	0	-	-	0	0	-	-	-	0	-	0	0	0	-	0	-	-	-	-	-	-	-	-
Debt and Equity Securities, Unrealized Gain (Loss)
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Telecommunication expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0	-	2,096	2,106	0	0	0
Foreclosure Expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	0
Gain(Loss) on Other Real Estate Owned and Foreclosed Assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Fair Value Mark on a Terminated Hedging Relationship
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Other noninterest expenses
41,945	39,976	38,816	36,422	34,995	36,668	35,792	34,958	34,052	32,813	34,676	32,978	32,716	31,630	30,726	33,777	34,842	35,054	40,794	39,704	39,567	39,297	39,521	38,881	37,160	36,497	35,731	34,530	33,711	32,027	30,184	29,786	29,938	29,719	24,811	24,799	0	0	0
Total noninterest expenses
294,850	284,321	281,267	269,173	228,829	225,969	213,045	208,916	209,037	204,359	204,529	200,076	194,413	192,122	186,971	187,145	188,643	197,138	195,016	190,592	184,928	171,838	175,317	173,432	172,616	173,649	170,856	170,186	165,021	159,459	151,361	146,732	146,589	145,713	143,301	142,807	0	0	0
Income before income taxes
200,260	218,108	194,455	168,558	168,290	155,926	154,713	148,262	139,189	134,545	122,443	116,187	114,775	112,075	114,922	111,106	105,888	92,178	86,632	82,324	78,340	83,744	74,941	72,742	69,105	66,738	66,459	61,793	56,862	57,300	59,621	60,899	63,999	62,584	61,978	55,657	0	0	0
Current Federal, State and Local, Tax Expense (Benefit)
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income Tax Expense (Benefit)
-	-	46,823	39,756	-	34,304	40,961	43,673	45,155	47,341	40,124	37,236	36,013	35,427	35,998	34,072	31,777	27,218	25,149	23,697	22,418	23,899	20,485	19,369	17,720	16,484	16,825	15,213	14,166	14,673	15,794	16,714	17,568	17,148	16,566	14,174	0	0	0
Net Income (Loss) Attributable to Parent
156,701	165,175	147,632	128,802	129,292	121,622	113,752	104,589	94,034	87,204	82,319	78,951	78,762	76,648	78,924	77,034	74,111	64,960	61,483	58,627	55,922	59,845	54,456	53,373	51,385	50,254	49,634	46,580	42,696	42,627	43,827	44,185	46,431	45,436	45,412	41,483	0	0	0
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
156,701	165,175	147,632	128,802	129,292	121,622	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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	-	-