Regulatory Matters (Tables)

9 Months Ended

Sep. 30, 2024

Regulatory Matters [Abstract]

Capital Amounts and Ratios

Our actual capital amounts and ratios follow (1):

	Actual				Minimum for Adequately Capitalized Institutions				Minimum for Well-Capitalized Institutions
	Amount		Ratio		Amount		Ratio		Amount		Ratio
	(Dollars in thousands)
September 30, 2024
Total capital to risk-weighted assets
Consolidated	$	606,783	14.25	%	$	340,539	8.00	%	NA		NA
Independent Bank	552,577		13.00		340,134		8.00		$	425,167	10.00	%
Tier 1 capital to risk-weighted assets
Consolidated	$	513,461	12.06	%	$	255,404	6.00	%	NA		NA
Independent Bank	499,317		11.74		255,100		6.00		$	340,134	8.00	%
Common equity tier 1 capital to risk-weighted assets
Consolidated	$	474,906	11.16	%	$	191,553	4.50	%	NA		NA
Independent Bank	499,317		11.74		191,325		4.50		$	276,359	6.50	%
Tier 1 capital to average assets
Consolidated	$	513,461	9.62	%	$	213,392	4.00	%	NA		NA
Independent Bank	499,317		9.36		213,370		4.00		$	266,712	5.00	%
December 31, 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	%

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(1) These ratios do not reflect a capital conservation buffer of 2.50% at September 30, 2024 and December 31, 2023.

NA - Not applicable

Regulatory Capital

The components of our regulatory capital are as follows:

	Consolidated				Independent Bank
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
	(In thousands)
Total shareholders' equity	$	452,369	$	404,449	$	476,780	$	430,407
Add (deduct)
Accumulated other comprehensive (income) loss for regulatory purposes	52,454		66,344		52,454		66,344
Goodwill and other intangibles	(29,917)		(30,304)		(29,917)		(30,304)
CECL (1)	—		2,576		—		2,576
Common equity tier 1 capital	474,906		443,065		499,317		469,023
Qualifying trust preferred securities	38,555		38,504		—		—
Tier 1 capital	513,461		481,569		499,317		469,023
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	53,322		52,403		53,260		52,351
Total risk-based capital	$	606,783	$	573,972	$	552,577	$	521,374

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