XML 76 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Interest income    
Interest and fees on loans $ 51,687us-gaap_InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio $ 48,204us-gaap_InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio
Taxable interest and dividends on securities 4,627indb_TaxableInterestAndDividendsOnSecurities 4,650indb_TaxableInterestAndDividendsOnSecurities
Nontaxable interest and dividends on securities 34indb_NonTaxableInterestAndDividendsOnSecurities 37indb_NonTaxableInterestAndDividendsOnSecurities
Interest on loans held for sale 51us-gaap_InterestAndFeeIncomeLoansAndLeasesHeldForSale 51us-gaap_InterestAndFeeIncomeLoansAndLeasesHeldForSale
Interest on federal funds sold and short-term investments 30us-gaap_InterestIncomeFederalFundsSold 38us-gaap_InterestIncomeFederalFundsSold
Total interest and dividend income 56,429us-gaap_InterestAndDividendIncomeOperating 52,980us-gaap_InterestAndDividendIncomeOperating
Interest expense    
Interest on deposits 2,763us-gaap_InterestExpenseDeposits 2,791us-gaap_InterestExpenseDeposits
Interest on borrowings 2,417us-gaap_InterestExpenseBorrowings 2,583us-gaap_InterestExpenseBorrowings
Total interest expense 5,180us-gaap_InterestExpense 5,374us-gaap_InterestExpense
Net interest income 51,249us-gaap_InterestIncomeExpenseNet 47,606us-gaap_InterestIncomeExpenseNet
Provision (benefit) for loan losses (500)us-gaap_ProvisionForLoanAndLeaseLosses 4,502us-gaap_ProvisionForLoanAndLeaseLosses
Net interest income after provision for loan losses 51,749us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss 43,104us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss
Noninterest income    
Deposit account fees 4,166indb_ServiceChargesOnDepositAccounts 4,359indb_ServiceChargesOnDepositAccounts
Interchange and ATM fees 3,100indb_InterchangeAndAtmFees 2,975indb_InterchangeAndAtmFees
Investment management 5,107us-gaap_InvestmentAdvisoryFees 4,603us-gaap_InvestmentAdvisoryFees
Mortgage banking income 1,126indb_FeesAndCommissionMortgageBanking 487indb_FeesAndCommissionMortgageBanking
Loan level derivative income 418us-gaap_DerivativeGainLossOnDerivativeNet 746us-gaap_DerivativeGainLossOnDerivativeNet
Increase in cash surrender value of life insurance policies 778us-gaap_BankOwnedLifeInsuranceIncome 722us-gaap_BankOwnedLifeInsuranceIncome
Gain Realized on Life Insurance Policies 0indb_GainRealizedOnLifeInsurancePolicies 1,627indb_GainRealizedOnLifeInsurancePolicies
Gain (Loss) on Sale of Equity Investments 0us-gaap_GainLossOnSaleOfEquityInvestments 91us-gaap_GainLossOnSaleOfEquityInvestments
Other noninterest income 1,862us-gaap_NoninterestIncomeOtherOperatingIncome 1,906us-gaap_NoninterestIncomeOtherOperatingIncome
Total noninterest income 16,557us-gaap_NoninterestIncome 17,516us-gaap_NoninterestIncome
Noninterest expenses    
Salaries and employee benefits 25,288us-gaap_LaborAndRelatedExpense 23,080us-gaap_LaborAndRelatedExpense
Occupancy and equipment expenses 6,394us-gaap_OccupancyNet 6,146us-gaap_OccupancyNet
Data processing & facilities management 1,122us-gaap_InformationTechnologyAndDataProcessing 1,253us-gaap_InformationTechnologyAndDataProcessing
FDIC assessment 956us-gaap_FederalDepositInsuranceCorporationPremiumExpense 905us-gaap_FederalDepositInsuranceCorporationPremiumExpense
Advertising expense 834us-gaap_AdvertisingExpense 824us-gaap_AdvertisingExpense
Consulting expense 755us-gaap_ProfessionalFees 559us-gaap_ProfessionalFees
Business Combination, Acquisition Related Costs 10,230us-gaap_BusinessCombinationAcquisitionRelatedCosts 77us-gaap_BusinessCombinationAcquisitionRelatedCosts
Software maintenance 625indb_SoftwareMaintenance 662indb_SoftwareMaintenance
Other noninterest expenses 8,773us-gaap_OtherNoninterestExpense 8,381us-gaap_OtherNoninterestExpense
Total noninterest expenses 54,977us-gaap_NoninterestExpense 41,887us-gaap_NoninterestExpense
Income before income taxes 13,329us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 18,733us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Provision for income taxes 3,869us-gaap_IncomeTaxExpenseBenefit 5,350us-gaap_IncomeTaxExpenseBenefit
Net income 9,460us-gaap_NetIncomeLoss 13,383us-gaap_NetIncomeLoss
Basic earnings per share (in dollars per share) $ 0.38us-gaap_EarningsPerShareBasic $ 0.56us-gaap_EarningsPerShareBasic
Diluted earnings per share (in dollars per share) $ 0.38us-gaap_EarningsPerShareDiluted $ 0.56us-gaap_EarningsPerShareDiluted
Weighted average common shares (basic) (in shares) 24,959,865us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 23,819,065us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Common shares equivalents (in shares) 80,215us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment 100,173us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment
Weighted average common shares (diluted) (in shares) 25,040,080us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 23,919,238us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
Retained Earnings [Member]    
Noninterest expenses    
Net income $ 9,460us-gaap_NetIncomeLoss
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember
$ 13,383us-gaap_NetIncomeLoss
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember
Cash dividends declared per common share (in dollars per share) $ 0.26us-gaap_CommonStockDividendsPerShareDeclared
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember
$ 0.24us-gaap_CommonStockDividendsPerShareDeclared
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember