Independent Bank Corp. (INDB) Income Statement

30Y historyFree accessUpdated daily

Net interest income surged 43% year-over-year to $210.9M in Q2 2026, but the net interest margin remained thin at 0.8% and the efficiency ratio deteriorated to 48.5%, indicating margin and cost pressures.

Annual statement

INDB Income Statement

Independent Bank Corp. (INDB) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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

Net Interest Income	839.22M	708.83M	561.73M	606.52M	613.25M	401.56M	367.73M	393.13M	298.17M	258.86M	227.84M	214.93M	196.04M	182.58M	172.8M	167.08M	163.96M	150.69M	116.51M	96.18M	102.66M	105.84M	97.82M	95.77M	100.03M	90.59M	72.15M	61.83M	59.1M	52.2M	45.1M
NII Growth %	179.41%	26.19%	-7.39%	-1.1%	52.72%	9.2%	-6.46%	31.85%	15.18%	13.61%	6.01%	9.63%	7.37%	5.66%	3.42%	1.9%	8.8%	29.34%	21.14%	-6.3%	-3.01%	8.21%	2.13%	-4.26%	10.42%	25.56%	16.69%	4.62%	13.22%	15.74%	2.73%
Net Interest Margin %	3.36%	2.85%	2.9%	3.13%	3.18%	1.97%	2.78%	3.45%	3.37%	3.2%	2.96%	2.98%	3.08%	2.99%	3%	3.36%	3.49%	3.36%	3.21%	3.47%	3.63%	3.48%	3.32%	3.93%	4.38%	4.12%	3.7%	3.89%	3.75%	3.81%	4.13%
Interest Income	1.17B	1.02B	852.75M	795.73M	642.84M	415.28M	402.07M	447.01M	323.7M	277.19M	246.64M	235.54M	216.46M	205.91M	196.19M	195.75M	202.72M	202.69M	175.44M	159.74M	167.69M	155.66M	134.61M	128.31M	140.82M	145.07M	127.57M	112.01M	108.7M	93.8M	77.5M
Interest Expense	332.63M	313.57M	291.02M	189.21M	29.59M	13.72M	34.34M	53.88M	25.54M	18.33M	18.79M	20.62M	20.42M	23.34M	23.39M	28.67M	38.76M	51.99M	58.93M	63.55M	65.04M	49.82M	36.8M	32.53M	40.79M	54.48M	55.42M	50.18M	49.6M	41.6M	32.4M
Loan Loss Provision	38.52M	60.72M	36.25M	23.25M	6.5M	18.2M	52.5M	6M	4.78M	2.95M	6.08M	1.5M	10.4M	10.2M	18.06M	11.48M	18.66M	17.34M	10.89M	3.13M	2.33M	4.17M	3.02M	3.42M	4.65M	4.62M	2.27M	3.93M	4M	2.3M	1.8M
Non-Interest Income	81.84M	144.77M	121.38M	115.61M	107M	100.71M	105.35M	109.61M	88.5M	79.56M	79.44M	72.21M	69.92M	64.25M	59.5M	49.82M	46.91M	36.84M	29.64M	32.05M	-73.68M	27.27M	28.36M	27.79M	22.64M	20.76M	16.42M	14.79M	13.1M	11.7M	11.4M
Non-Interest Income %	8.89%	16.96%	17.77%	16.01%	14.86%	20.05%	22.27%	21.8%	22.89%	23.51%	25.85%	25.15%	26.29%	26.03%	25.61%	22.97%	22.24%	19.64%	20.28%	24.99%	-254.24%	20.49%	22.47%	22.49%	18.46%	18.64%	18.54%	19.31%	18.14%	18.31%	20.18%
Total Net Revenue	921.06M	853.6M	683.11M	722.13M	720.25M	502.26M	473.08M	502.75M	386.67M	338.42M	307.28M	287.14M	265.96M	246.83M	232.3M	216.9M	210.87M	187.53M	146.16M	128.23M	28.98M	133.12M	126.17M	123.57M	122.67M	111.35M	88.56M	76.62M	72.2M	63.9M	56.5M
Revenue Growth %	30.56%	24.96%	-5.4%	0.26%	43.4%	6.17%	-5.9%	30.02%	14.26%	10.14%	7.01%	7.96%	7.75%	6.26%	7.1%	2.86%	12.44%	28.31%	13.98%	342.51%	-78.23%	5.5%	2.11%	0.73%	10.17%	25.73%	15.59%	6.12%	12.99%	13.1%	1.99%
Non-Interest Expense	598.39M	525.96M	399.74M	383.74M	365.99M	327.38M	267.74M	278.64M	225.97M	200.93M	189.13M	193.46M	171.82M	169.89M	156.94M	142.83M	139.75M	140.46M	104.75M	87.93M	-20.97M	80.61M	78.76M	78.18M	80.67M	74.19M	64.69M	48.12M	44.3M	40.1M	36.9M
Efficiency Ratio	64.97%	61.62%	58.52%	53.14%	50.81%	65.18%	56.6%	55.42%	58.44%	59.37%	61.55%	67.38%	64.6%	68.83%	67.56%	65.85%	66.27%	74.9%	71.67%	68.57%	-72.35%	60.56%	62.43%	63.27%	65.76%	66.63%	73.05%	62.8%	61.36%	62.75%	65.31%
Operating Income	284.14M	266.92M	247.13M	315.13M	347.75M	156.68M	152.84M	218.11M	155.93M	134.54M	112.08M	92.18M	83.74M	66.74M	57.3M	62.58M	52.47M	29.74M	30.52M	37.17M	47.61M	48.33M	44.39M	41.97M	37.36M	32.54M	21.6M	24.58M	23.9M	21.5M	17.8M
Operating Margin %	30.85%	31.27%	36.18%	43.64%	48.28%	31.19%	32.31%	43.38%	40.33%	39.76%	36.47%	32.1%	31.49%	27.04%	24.67%	28.85%	24.88%	15.86%	20.88%	28.99%	164.29%	36.3%	35.18%	33.96%	30.45%	29.22%	24.39%	32.07%	33.1%	33.65%	31.5%
Operating Income Growth %	-	8.01%	-21.58%	-9.38%	121.96%	2.51%	-29.93%	39.88%	15.89%	20.05%	21.59%	10.07%	25.48%	16.47%	-8.44%	19.28%	76.44%	-2.55%	-17.91%	-21.92%	-1.48%	8.87%	5.77%	12.33%	14.82%	50.61%	-12.09%	2.83%	11.16%	20.79%	17.88%
Pretax Income	350.3M	262.17M	247.13M	315.13M	347.75M	156.68M	152.84M	218.11M	155.93M	134.54M	112.08M	92.18M	83.74M	66.74M	57.3M	62.58M	52.47M	29.74M	30.52M	37.17M	47.61M	48.33M	44.39M	41.97M	37.36M	32.54M	21.6M	24.58M	23.9M	21.5M	17.8M
Pretax Margin %	38.03%	30.71%	36.18%	43.64%	48.28%	31.19%	32.31%	43.38%	40.33%	39.76%	36.47%	32.1%	31.49%	27.04%	24.67%	28.85%	24.88%	15.86%	20.88%	28.99%	164.29%	36.3%	35.18%	33.96%	30.45%	29.22%	24.39%	32.07%	33.1%	33.65%	31.5%
Income Tax	78.94M	57.05M	55.05M	75.63M	83.94M	35.68M	31.67M	52.93M	34.3M	47.34M	35.43M	27.22M	23.9M	16.48M	14.67M	17.15M	12.23M	6.75M	6.55M	8.79M	14.76M	15.12M	13.62M	15.54M	12.29M	10.48M	6.41M	7.54M	7.8M	7.3M	6.2M
Effective Tax Rate %	22.54%	21.76%	22.27%	24%	24.14%	22.78%	20.72%	24.27%	22%	35.19%	31.61%	29.53%	28.54%	24.7%	25.61%	27.4%	23.3%	22.69%	21.47%	23.65%	31%	31.29%	30.69%	37.02%	32.91%	32.22%	29.69%	30.7%	32.64%	33.95%	34.83%
Net Income	271.35M	205.12M	192.08M	239.5M	263.81M	120.99M	121.17M	165.18M	121.62M	87.2M	76.65M	64.96M	59.84M	50.25M	42.63M	45.44M	40.24M	22.99M	23.96M	28.38M	32.85M	33.2M	30.77M	26.43M	25.07M	22.05M	15.19M	17.03M	16.1M	14.2M	11.6M
Net Margin %	29.46%	24.03%	28.12%	33.17%	36.63%	24.09%	25.61%	32.85%	31.45%	25.77%	24.94%	22.62%	22.5%	20.36%	18.35%	20.95%	19.08%	12.26%	16.4%	22.13%	113.36%	24.94%	24.39%	21.39%	20.43%	19.8%	17.15%	22.23%	22.3%	22.22%	20.53%
Net Income Growth %	43.95%	6.79%	-19.8%	-9.22%	118.04%	-0.14%	-26.64%	35.81%	39.47%	13.77%	17.99%	8.55%	19.09%	17.89%	-6.18%	12.91%	75.04%	-4.07%	-15.56%	-13.61%	-1.07%	7.92%	16.41%	5.45%	13.67%	45.17%	-10.81%	5.78%	13.38%	22.41%	11.54%
Net Income (Continuing)	271.35M	205.12M	192.08M	239.5M	263.81M	120.99M	121.17M	165.18M	121.62M	87.2M	76.65M	64.96M	59.84M	50.25M	42.63M	45.44M	40.24M	22.99M	23.96M	28.38M	32.85M	33.2M	30.77M	26.43M	25.07M	22.05M	15.19M	17.03M	16.1M	14.2M	11.6M
EPS (Diluted)	5.65	4.45	4.52	5.42	5.69	3.47	3.64	5.03	4.40	3.19	2.90	2.50	2.49	2.18	1.95	2.12	1.90	0.88	1.52	2.00	2.17	2.14	2.06	1.79	1.61	1.53	1.06	1.19	1.08	0.95	0.79
EPS Growth %	25.06%	-1.55%	-16.61%	-4.75%	63.98%	-4.67%	-27.63%	14.32%	37.93%	10%	16%	0.4%	14.22%	11.79%	-8.02%	11.58%	115.91%	-42.11%	-24%	-7.83%	1.4%	3.88%	15.08%	11.18%	5.23%	44.34%	-10.92%	10.19%	13.68%	20.25%	11.27%
EPS (Basic)	-	4.45	4.52	5.42	5.69	3.47	3.64	5.03	4.41	3.19	2.90	2.51	2.50	2.18	1.96	2.12	1.90	0.88	1.53	2.02	2.20	2.16	2.06	1.82	1.63	1.54	1.07	1.20	1.10	0.97	0.80
Diluted Shares Outstanding	48.05M	49.48M	42.51M	44.19M	46.39M	34.89M	33.28M	32.86M	27.65M	27.37M	26.46M	25.96M	23.99M	23.09M	21.81M	21.45M	21.2M	19.67M	15.76M	14.16M	15.11M	15.52M	15.04M	14.74M	14.62M	14.45M	14.3M	14.37M	14.95M	14.95M	14.68M

Key Metrics

Growth RegimeAccelerating

ProfitabilityModerate

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Deposit migration and margin pressure

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

NII Surge Driven by Rate Dynamics

Net interest income jumped 43% year-over-year in Q2 2026 to $210.9M, per INDB's latest quarterly report, reflecting strong loan growth and repricing benefits.

The 43% YoY growth in NII is substantial, but it appears to be driven by a combination of higher loan volumes and the repricing of the loan portfolio in a higher rate environment. However, the sequential trend shows a slight decline from Q1 2026's $212.5M, suggesting that the pace of expansion may be moderating. Investors should monitor whether this growth is sustainable as deposit costs continue to rise.

NIM Remains Thin Despite Growth

Net interest margin held at 0.8% in Q2 2026, unchanged from prior quarters, as reported in INDB's financial statements, indicating persistent pressure on asset yields relative to funding costs.

Despite the strong NII growth, the NIM has remained stagnant at 0.7-0.9% over the past ten quarters, which is unusually low for a regional bank. This suggests that the bank's asset yields are not expanding as fast as its cost of funds, likely due to the migration of deposits to higher-yielding accounts. The margin compression is a key concern, as it may limit future earnings growth unless the bank can reprice its loans more aggressively or control deposit costs.

Efficiency Ratio Deteriorates

INDB's efficiency ratio rose to 48.5% in Q2 2026 from 42.6% a year earlier, based on reported figures, indicating that operating expenses are growing faster than revenue.

The efficiency ratio has trended upward from the low 40s to nearly 50% over the past year, which suggests that the bank is experiencing operating leverage challenges. This is particularly concerning given the strong revenue growth, as it implies that expenses, likely including personnel and branch-related costs, are absorbing a larger share of income. If this trend continues, it could pressure profitability despite top-line expansion.

Provision Volatility Signals Caution

Provision for credit losses swung from $38.5M in Q3 2025 to zero in Q2 2026, as per INDB's income statement, highlighting the lumpy nature of credit costs.

The provision expense has been highly volatile, with a significant spike in Q3 2025 followed by no provision in recent quarters. This pattern may indicate that the bank is building reserves in anticipation of potential losses, or that credit conditions are improving. The absence of provision in Q2 2026 is a positive for earnings, but investors should be cautious about the sustainability of this trend, especially given the bank's CRE concentration.

Fee Income Stability Underpins Earnings

Non-interest income contributed 12.2% of total revenue in Q4 2025, as reported in INDB's financials, with fee income growing steadily from $27.5M to $41.4M over the past year.

The fee income segment, primarily from wealth management and trust services, has shown consistent growth, providing a stable revenue stream that is less sensitive to interest rate fluctuations. This diversification is a key strength, as it helps offset some of the pressure on net interest margin. However, the reliance on this segment for overall profitability may increase as NIM remains compressed.

What Could Invalidate the Base Case

Despite strong revenue growth, Q2 2026 EPS of $1.70 missed consensus by $0.14, as per analyst estimates, suggesting that margin pressure and rising costs may be eroding earnings quality.

The divergence between strong revenue growth and an EPS miss suggests that the bank is facing cost pressures or credit costs that are not fully captured in the top line. This quarter may signal a shift in the earnings trajectory, as the bank navigates margin compression and rising expenses. Investors should monitor whether management can control costs and maintain credit quality in the coming quarters.

INDB — Frequently Asked Questions

Quick answers to the most common questions about buying INDB stock.

What was Independent Bank Corp.'s (INDB) revenue in 2025?

For fiscal year 2025, Independent Bank Corp. (INDB) reported total revenue of $853.6M. This represents a 1410.8% increase compared to $56.5M in 1996.

Is Independent Bank Corp. (INDB) profitable?

Independent Bank Corp. (INDB) is profitable, generating $205.1M in net income for the fiscal year ending 2025 with a net profit margin of 17.6%.

What is Independent Bank Corp.'s operating profit margin?

Independent Bank Corp. (INDB) reported an operating income of $266.9M, resulting in an operating profit margin of 22.9%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Independent Bank Corp.'s gross profit and gross margin?

Independent Bank Corp. (INDB) generated $792.9M in gross profit for the year, representing a gross profit margin of 67.9%. This demonstrates the company's core pricing power and production efficiency.