The bank maintains a conservative capital structure with an equity-to-assets ratio of 0.14, supported by a 21.6 billion dollar investment securities portfolio that serves as the primary liquidity buffer.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 4.96B | 234.49M | 367.16M | 1.56B | 1.75B | 3.81B | 1.71B | 577.4M | 693.21M | 660.61M | 652.74M | 643.01M | 526.81M | 573.19M | 544.76M | 542.84M | 161.28M | 121.91M | 50.01M | 67.42M | 62.77M | 66.29M | 62.96M | 75.5M | 71.32M | 66.97M | 58.01M | 48.95M | 86.2M | 65M | 53.5M |
| Cash & Due from Banks | 728.98M | 229.77M | 219.89M | 224.33M | 352.93M | 2.24B | 1.3B | 150.97M | 250.46M | 213.12M | 289.1M | 275.76M | 178.25M | 216.32M | 215.47M | 237.5M | 161.28M | 121.91M | 50.01M | 67.42M | 62.77M | 66.29M | 62.96M | 75.5M | 71.32M | 66.97M | 58.01M | 48.95M | 86.2M | 65M | 53.5M |
| Short Term Investments | 519.8M | 4.72M | 147.27M | 1.33B | 1.4B | 1.57B | 412.86M | 426.42M | 442.75M | 447.5M | 363.64M | 367.25M | 348.55M | 356.86M | 329.29M | 305.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 21.62B | 22.26B | 17.05B | 17.07B | 16.9B | 16.13B | 10.5B | 10.03B | 7.92B | 7.24B | 6.79B | 6.34B | 5.65B | 5.38B | 5.02B | 4.28B | 4.12B | 3.97B | 3.26B | 2.51B | 2.49B | 2.7B | 2.68B | 2.21B | 2.06B | 1.98B | 1.75B | 1.46B | 1.41B | 1.26B | 1B |
| Investments Growth % | 84.83% | 30.52% | -0.09% | 0.97% | 4.83% | 53.63% | 4.68% | 26.58% | 9.35% | 6.62% | 7.13% | 12.33% | 4.93% | 7.14% | 17.44% | 3.87% | 3.75% | 21.85% | 29.98% | 0.62% | -7.77% | 0.77% | 21.38% | 7.1% | 4.01% | 13.1% | 19.91% | 3.82% | 12.11% | 25.49% | 14.26% |
| Long-Term Investments | 80.39B | 22.25B | 16.91B | 15.73B | 15.51B | 14.56B | 10.08B | 9.6B | 7.48B | 6.8B | 6.43B | 5.98B | 5.3B | 5.02B | 4.69B | 3.97B | 4.12B | 3.97B | 3.26B | 2.51B | 2.49B | 2.7B | 2.68B | 2.21B | 2.06B | 1.98B | 1.75B | 1.46B | 1.41B | 1.26B | 1B |
| Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 1.22B | 1.22B | 997.36M | 1B | 1.01B | 1.02B | 529.31M | 535.49M | 271.36M | 241.15M | 231.37M | 212.91M | 180.31M | 182.64M | 162.14M | 140.72M | 141.96M | 143.73M | 127.21M | 60.41M | 58.97M | 56.86M | 57.29M | 36.24M | 38.27M | 36.24M | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 1.09B | 1.09B | 985.07M | 985.07M | 985.07M | 985.07M | 506.21M | 506.21M | 256.11M | 231.81M | 221.53M | 201.08M | 170.42M | 170.42M | 150.39M | 130.07M | 129.62M | 129.35M | 116.44M | 58.3M | 55.08M | 55.08M | 55.19M | 36.24M | 36.24M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 126.69M | 133.58M | 12.28M | 18.19M | 25.07M | 32.77M | 23.11M | 29.29M | 15.25M | 9.34M | 9.85M | 11.83M | 9.88M | 12.22M | 11.75M | 10.65M | 12.34M | 14.38M | 10.77M | 2.12M | 3.9M | 1.78M | 2.1M | 0 | 2.04M | 36.24M | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 217.69M | 218.19M | 193.32M | 193.05M | 196.5M | 195.59M | 116.39M | 123.67M | 97.58M | 94.72M | 78.48M | 75.66M | 64.07M | 64.95M | 55.23M | 48.25M | 45.71M | 44.23M | 36.43M | 39.09M | 37.32M | 37.43M | 36.45M | 32.48M | 30.87M | 29.92M | 30.37M | 14.27M | 15.2M | 12.8M | 10.6M |
| Other Assets | 995.96M | 974.03M | 910.23M | 858.64M | 830.14M | 843.11M | 764.9M | 557.33M | 310.15M | 288.18M | 315.53M | 302.49M | 295.75M | 253.85M | 301.17M | 266.84M | 229.26M | 203.47M | 157.91M | 93.78M | 179.69M | 178.26M | 61.86M | 85.17M | 83.79M | 84.43M | 70.37M | 63.53M | 66.2M | 36.7M | 28.2M |
| Total Current Assets | 1.25B | 229.77M | 367.16M | 1.56B | 1.75B | 3.81B | 1.71B | 577.4M | 693.21M | 660.61M | 652.74M | 643.01M | 526.81M | 573.19M | 544.76M | 542.84M | 161.28M | 121.91M | 50.01M | 67.42M | 62.77M | 66.29M | 62.96M | 75.5M | 71.32M | 66.97M | 58.01M | 48.95M | 86.2M | 65M | 53.5M |
| Total Non-Current Assets | 23.53B | 24.67B | 19.01B | 17.79B | 17.54B | 16.61B | 11.49B | 10.82B | 8.16B | 7.42B | 7.06B | 6.57B | 5.84B | 5.53B | 5.21B | 4.43B | 4.53B | 4.36B | 3.58B | 2.7B | 2.77B | 2.98B | 2.88B | 2.36B | 2.21B | 2.13B | 1.89B | 1.54B | 1.49B | 1.3B | 1.04B |
| Total Assets | 24.78B | 24.91B | 19.37B | 19.35B | 19.29B | 20.42B | 13.2B | 11.4B | 8.85B | 8.08B | 7.71B | 7.21B | 6.36B | 6.1B | 5.76B | 4.97B | 4.7B | 4.48B | 3.63B | 2.77B | 2.83B | 3.04B | 2.94B | 2.44B | 2.29B | 2.2B | 1.95B | 1.59B | 1.58B | 1.37B | 1.09B |
| Asset Growth % | 85.27% | 28.59% | 0.14% | 0.28% | -5.53% | 54.67% | 15.88% | 28.74% | 9.52% | 4.83% | 6.93% | 13.28% | 4.36% | 5.94% | 15.83% | 5.85% | 4.77% | 23.52% | 31.07% | -2.14% | -7% | 3.32% | 20.81% | 6.62% | 3.92% | 12.78% | 22.64% | 0.95% | 14.97% | 25.37% | 10.65% |
| Return on Assets (ROA) | 1.02% | 0.93% | 0.99% | 1.24% | 1.33% | 0.72% | 0.99% | 1.63% | 1.44% | 1.1% | 1.03% | 0.96% | 0.96% | 0.85% | 0.79% | 0.94% | 0.88% | 0.57% | 0.75% | 1.01% | 1.12% | 1.11% | 1.14% | 1.12% | 1.12% | 1.06% | 0.86% | 1.08% | 1.09% | 1.15% | 1.12% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 776.26M | 901.25M | 701.37M | 1.22B | 113.38M | 152.37M | 181.06M | 303.1M | 406.51M | 323.7M | 335.47M | 343.93M | 406.65M | 448.49M | 591.05M | 537.69M | 565.43M | 647.4M | 695.32M | 501.27M | 601.9M | 792.48M | 655.16M | 415.37M | 362.15M | 387.08M | 275.04M | 359.47M | 396.6M | 248.2M | 81.1M |
| Net Debt | 47.28M | 671.48M | 481.48M | 994.05M | -239.56M | -2.09B | -1.12B | 152.13M | 156.06M | 110.58M | 46.38M | 68.17M | 228.4M | 232.16M | 375.58M | 300.18M | 404.15M | 525.49M | 645.31M | 433.86M | 539.12M | 726.19M | 592.2M | 339.87M | 290.84M | 320.11M | 217.04M | 310.52M | 310.4M | 183.2M | 27.6M |
| Long-Term Debt | 676.29M | 425.85M | 701.37M | 1.22B | 113.38M | 152.37M | 181.06M | 303.1M | 258.71M | 107.75M | 158.56M | 209.97M | 208.76M | 244.2M | 375.7M | 321.56M | 397.31M | 456.94M | 524.44M | 362.67M | 493.65M | 469.02M | 263.3M | 371.14M | 297.59M | 313.93M | 126.22M | 71.22M | 0 | 69.4M | 2.3M |
| Short-Term Debt | 99.97M | 415.62M | 0 | 0 | 0 | 0 | 0 | 0 | 147.81M | 215.94M | 176.91M | 133.96M | 197.89M | 204.29M | 215.36M | 216.13M | 168.12M | 190.45M | 170.88M | 138.6M | 108.25M | 323.45M | 391.86M | 44.23M | 64.56M | 73.14M | 148.82M | 288.24M | 396.6M | 178.8M | 78.8M |
| Other Liabilities | 367.77M | 20.45B | 373.09M | 368.2M | 415.09M | 335.54M | 327.39M | 236.55M | -55.53M | 85.27M | 96.96M | 103.37M | 107.26M | 72.79M | 89.93M | 86.67M | 66.05M | 46.68M | 48.8M | 20.06M | -93.11M | -184.44M | 17.79M | 18.34M | 25.47M | 21.9M | 19.68M | 21.9M | 10.6M | 12.4M | 12M |
| Total Current Liabilities | 20.2B | 415.62M | 15.31B | 14.87B | 15.88B | 16.92B | 10.99B | 9.15B | 7.57B | 6.95B | 6.59B | 6.12B | 5.41B | 5.19B | 4.76B | 4.09B | 3.8B | 3.57B | 2.75B | 2.17B | 2.2B | 2.53B | 2.45B | 1.83B | 1.75B | 1.65B | 1.64B | 1.37B | 1.44B | 1.17B | 997.4M |
| Total Non-Current Liabilities | 1.04B | 20.93B | 1.07B | 1.59B | 528.47M | 487.91M | 508.45M | 539.65M | 203.18M | 193.02M | 255.52M | 313.35M | 316.03M | 316.99M | 465.63M | 408.23M | 463.36M | 503.63M | 573.24M | 382.74M | 400.54M | 284.59M | 281.08M | 389.48M | 323.06M | 335.84M | 145.91M | 93.13M | 10.6M | 81.8M | 14.3M |
| Total Liabilities | 21.24B | 21.35B | 16.38B | 16.45B | 16.41B | 17.4B | 11.5B | 9.69B | 7.78B | 7.14B | 6.84B | 6.44B | 5.72B | 5.51B | 5.23B | 4.5B | 4.26B | 4.07B | 3.32B | 2.55B | 2.6B | 2.81B | 2.73B | 2.22B | 2.08B | 1.99B | 1.78B | 1.46B | 1.45B | 1.25B | 1.01B |
| Total Equity | 3.54B | 3.57B | 2.99B | 2.9B | 2.89B | 3.02B | 1.7B | 1.71B | 1.07B | 943.81M | 864.69M | 771.46M | 640.53M | 591.54M | 529.32M | 469.06M | 436.47M | 412.65M | 305.27M | 220.47M | 229.78M | 228.15M | 210.74M | 219.7M | 209.02M | 208.59M | 166.03M | 126.88M | 124.6M | 121.3M | 81.1M |
| Equity Growth % | 60.37% | 19.13% | 3.38% | 0.3% | -4.36% | 77.28% | -0.32% | 59.12% | 13.74% | 9.15% | 12.08% | 20.44% | 8.28% | 11.75% | 12.85% | 7.47% | 5.77% | 35.17% | 38.47% | -4.06% | 0.71% | 8.26% | -4.08% | 5.11% | 0.2% | 25.63% | 30.86% | 1.83% | 2.72% | 49.57% | 11.71% |
| Equity / Assets (Capital Ratio) | 14.29% | 14.31% | 15.45% | 14.96% | 14.96% | 14.78% | 12.89% | 14.99% | 12.13% | 11.68% | 11.22% | 10.7% | 10.06% | 9.7% | 9.19% | 9.44% | 9.3% | 9.21% | 8.41% | 7.96% | 8.12% | 7.5% | 7.16% | 9.02% | 9.15% | 9.48% | 8.51% | 7.98% | 7.91% | 8.85% | 7.42% |
| Return on Equity (ROE) | 7.01% | 6.25% | 6.52% | 8.28% | 8.94% | 5.13% | 7.1% | 11.88% | 12.06% | 9.64% | 9.37% | 9.2% | 9.71% | 8.97% | 8.54% | 10.04% | 9.48% | 6.4% | 9.12% | 12.61% | 14.35% | 15.13% | 14.3% | 12.33% | 12% | 11.77% | 10.37% | 13.54% | 13.09% | 14.03% | 15.09% |
| Book Value per Share | 72.29 | 72.07 | 70.41 | 65.51 | 62.23 | 86.52 | 51.15 | 51.99 | 38.82 | 34.48 | 32.68 | 29.72 | 26.70 | 25.62 | 24.27 | 21.87 | 20.58 | 20.98 | 19.37 | 15.57 | 15.21 | 14.70 | 14.01 | 14.91 | 14.30 | 14.44 | 11.61 | 8.83 | 8.34 | 8.12 | 5.52 |
| Tangible BV per Share | 47.44 | 47.33 | 46.95 | 42.81 | 40.45 | 57.34 | 35.25 | 35.69 | 29.01 | 25.67 | 23.94 | 21.52 | 19.18 | 17.71 | 16.83 | 15.31 | 13.89 | 13.67 | 11.30 | 11.30 | 11.30 | 11.04 | 10.20 | 12.45 | 11.68 | 11.93 | 11.61 | 8.83 | 8.34 | 8.12 | 5.52 |
| Common Stock | 483K | 490K | 423K | 427K | 455K | 472K | 328K | 342K | 279K | 273K | 268K | 260K | 237K | 235K | 225K | 213K | 210K | 209K | 163K | 137K | 147K | 154K | 155K | 149K | 149K | 149K | 149K | 149K | 0 | 0 | 0 |
| Additional Paid-in Capital | 2.27B | 2.34B | 1.91B | 1.93B | 2.11B | 2.25B | 945.64M | 1.04B | 527.65M | 479.43M | 451.66M | 405.49M | 311.98M | 305.18M | 269.95M | 233.88M | 226.71M | 225.09M | 137.49M | 60.63M | 60.18M | 59.7M | 59.47M | 42.29M | 41.99M | 43.63M | 44.08M | 44.95M | 0 | 0 | 0 |
| Retained Earnings | 1.32B | 1.27B | 1.17B | 1.08B | 934.44M | 766.72M | 716.02M | 654.18M | 546.74M | 465.94M | 414.1M | 368.17M | 330.44M | 293.56M | 263.67M | 239.45M | 210.32M | 184.6M | 177.49M | 164.56M | 175.15M | 175.28M | 152.13M | 129.76M | 110.91M | 92.78M | 77.03M | 67.55M | 56.1M | 45.8M | 36.7M |
| Accumulated OCI | -45.68M | -39.75M | -86.62M | -111.53M | -159.86M | 5.33M | 43.76M | 22.9M | -1.17M | -1.83M | -1.34M | -2.45M | -2.13M | -7.43M | -4.53M | -4.49M | -766K | 2.75M | -9.87M | -2.86M | -5.69M | -6.99M | 934K | 3.33M | 15.67M | 5.07M | 2.95M | -3.84M | 0 | 1.4M | -100K |
| Treasury Stock | -3.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.98M | -2.74M | -2.48M | -2.27M | -2.01M | -1.79M | 0 | -1.95M | -3.69M | -7.48M | -8.37M | -9.49M | -10.68M | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
CRE concentration and provisioning
According to the provided quarterly data, INDB's total assets grew from 19.3 billion dollars in 2023Q4 to 24.8 billion dollars by 2026Q1, a trend largely driven by a significant expansion in the investment securities portfolio rather than organic loan growth.
The shift toward a 21.6 billion dollar securities portfolio suggests management may be prioritizing balance sheet liquidity over the higher-risk, higher-yield commercial lending environment. Investors should monitor whether this asset mix shift is a temporary defensive posture or a permanent change in the bank's core business model.
Based on reported financial statements, the equity-to-assets ratio has remained remarkably stable, hovering near 0.14 to 0.15 over the last ten quarters, indicating that the bank is maintaining a consistent capital buffer despite the recent increase in total asset size.
This stability in the capital ratio suggests a disciplined approach to capital management, likely intended to absorb potential volatility from the bank's CRE-heavy loan book. However, the modest ROE of 2.2 percent in 2026Q1 warrants further investigation into whether this capital efficiency is sufficient to drive long-term shareholder value.
As evidenced by the 729 million dollars in cash and cash equivalents reported in 2026Q1, the bank maintains a relatively lean cash position, relying instead on its 21.6 billion dollar investment securities portfolio to provide the necessary liquidity for operational and contingency needs.
The heavy reliance on securities for liquidity implies that the bank's funding profile is sensitive to market price fluctuations in its bond portfolio. If interest rates remain elevated, the potential for unrealized losses in this large securities block could constrain the bank's ability to deploy capital for future growth.
While the bank reports a healthy capital position, the lack of granular loan-to-deposit data in the provided figures masks the true risk of its commercial real estate concentration, which remains a primary vulnerability in the current Massachusetts economic climate.
The absence of specific loan-to-deposit metrics makes it difficult to assess the bank's core funding stability, potentially hiding a reliance on more volatile wholesale funding sources. Analysts should monitor whether the bank's provision coverage is adequate to handle a potential downturn in the suburban office market.
Quick answers to the most common questions about buying INDB stock.
As of 2025, Independent Bank Corp. (INDB) had total assets of $24.91B including $229.8M in current assets.
Independent Bank Corp. (INDB) carries total debt of $901.3M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Independent Bank Corp. (INDB) has total shareholders' equity (book value) of $3.57B ($72.07 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Independent Bank Corp. (INDB) reported a current ratio of 0.55x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.