Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2023

Our actual capital amounts and ratios at December 31 follow(1):


	Actual				Minimum for Adequately Capitalized Institutions				Minimum for Well-Capitalized Institutions
	Amount		Ratio		Amount		Ratio		Amount		Ratio
	(Dollars in thousands)
2023
Total capital to risk-weighted assets
Consolidated	$	573,972	13.71	%	$	335,014	8.00	%	NA		NA
Independent Bank	521,374		12.46		334,673		8.00		$	418,341	10.00	%

Tier 1 capital to risk-weighted assets
Consolidated	$	481,569	11.50	%	$	251,260	6.00	%	NA		NA
Independent Bank	469,023		11.21		251,005		6.00		$	334,673	8.00	%

Common equity tier 1 capital to risk-weighted assets
Consolidated	$	443,065	10.58	%	$	188,445	4.50	%	NA		NA
Independent Bank	469,023		11.21		188,254		4.50		$	271,922	6.50	%

Tier 1 capital to average assets
Consolidated	$	481,569	9.03	%	$	213,227	4.00	%	NA		NA
Independent Bank	469,023		8.80		213,180		4.00		$	266,475	5.00	%

2022
Total capital to risk-weighted assets
Consolidated	$	536,549	13.62	%	$	315,059	8.00	%	NA		NA
Independent Bank	480,886		12.22		314,733		8.00		$	393,416	10.00	%

Tier 1 capital to risk-weighted assets
Consolidated	$	447,299	11.36	%	$	236,294	6.00	%	NA		NA
Independent Bank	431,685		10.97		236,049		6.00		$	314,733	8.00	%

Common equity tier 1 capital to risk-weighted assets
Consolidated	$	408,863	10.38	%	$	177,221	4.50	%	NA		NA
Independent Bank	431,685		10.97		177,037		4.50		$	255,720	6.50	%

Tier 1 capital to average assets
Consolidated	$	447,299	8.86	%	$	201,875	4.00	%	NA		NA
Independent Bank	431,685		8.56		201,820		4.00		$	252,275	5.00	%

_______________________________


(1)			These ratios do not reflect a capital conservation buffer of 2.50% at December 31, 2023 and 2022.

NA - Not applicable

The components of our regulatory capital are as follows:


	Consolidated				Independent Bank
	December 31,				December 31,
	2023		2022		2023		2022
	(In thousands)
Total shareholders’ equity	$	404,449	$	347,596	$	430,407	$	370,418
Add (deduct)
Accumulated other comprehensive loss for regulatory purposes	66,344		86,966		66,344		86,966
Goodwill and other intangibles	(30,304)		(30,851)		(30,304)		(30,851)
CECL (1)	2,576		5,152		2,576		5,152
Common equity tier 1 capital	443,065		408,863		469,023		431,685
Qualifying trust preferred securities	38,504		38,436		—		—
Tier 1 capital	481,569		447,299		469,023		431,685
Subordinated debt	40,000		40,000		—		—
Allowance for credit losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets	52,403		49,250		52,351		49,201
Total risk-based capital	$	573,972	$	536,549	$	521,374	$	480,886


(1)			We elected the three years CECL transition method for regulatory purposes.