0000776901-20-000006.txt : 20200116 0000776901-20-000006.hdr.sgml : 20200116 20200116161441 ACCESSION NUMBER: 0000776901-20-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200116 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200116 DATE AS OF CHANGE: 20200116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INDEPENDENT BANK CORP CENTRAL INDEX KEY: 0000776901 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 042870273 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09047 FILM NUMBER: 20531107 BUSINESS ADDRESS: STREET 1: 288 UNION STREET CITY: ROCKLAND STATE: MA ZIP: 02370 BUSINESS PHONE: 7818786100 MAIL ADDRESS: STREET 1: 288 UNION STREET CITY: ROCKLAND STATE: MA ZIP: 02370 8-K 1 a8-kcoverq42019earning.htm 8-K Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15 (d) of
The Securities and Exchange Act of 1934

DATE OF REPORT:
January 16, 2020
(Date of Earliest Event Reported)

Massachusetts
(State or Other Jurisdiction of Incorporation)
                                
1-9047
 
04-2870273
(Commission File Number)
 
(I.R.S. Employer identification No.)
INDEPENDENT BANK CORP.
Office Address:
2036 Washington Street,
Hanover,
Massachusetts
02339
Mailing Address:
288 Union Street,
Rockland,
Massachusetts
02370
(Address of principal executive offices, including zip code)

NOT APPLICABLE
(Former Address of Principal Executive Offices)

(781)-878-6100
(Registrant’s Telephone Number, Including Area Code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class
Trading Symbol
Name of each exchange on which registered
Common Stock, $.01 par value per share
INDB
NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17CFR 230.405)) or Rule 12b-2 of the Exchange Act (17CFR 240.12b-2).
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐






ITEM 2.02
RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On January 16, 2020 Independent Bank Corp. announced by press release its earnings for the quarter ended December 31, 2019. A copy of the press release is attached hereto as Exhibit 99.1.
The information in this Item 2.02 (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS

d. The following exhibits are included with this Report:
Exhibit Index
 
 
 
Exhibit #
Exhibit Description
99.1
101
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
104
Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101).




















SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned and hereunto duly authorized.

 
 
 
INDEPENDENT BANK CORP.
 
 
 
 
Date:
January 16, 2020
By:
/s/Mark J. Ruggiero
 
 
 
MARK J. RUGGIERO
 
 
 
CHIEF FINANCIAL OFFICER






















 EX-99.1 2 exhibit991-indb12x31x2.htm Q4 2019 EARNING PRESS RELEASE Exhibit


Exhibit 99.1

indblogoa48.jpg
Shareholder Relations                 NEWS RELEASE
288 Union Street
Rockland, Ma. 02370

INDEPENDENT BANK CORP. REPORTS FOURTH QUARTER NET INCOME OF $47.5 MILLION
Record earnings achieved again in 2019

Rockland, Massachusetts (January 16, 2020) Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2019 fourth quarter net income of $47.5 million, or $1.38 per diluted share, compared to net income of $51.8 million, or $1.51 per diluted share, reported in the third quarter of 2019. On an operating basis, 2019 third quarter net income was $51.7 million, or $1.50 per diluted share, which excluded a gain on sale of residential loans and merger and acquisition expenses. There were no non-operating items included in the fourth quarter of 2019. Full year net income was $165.2 million, or $5.03 on a diluted earnings per share basis, an increase of $43.6 million, or 35.8%, as compared to the prior year. In addition, full year operating net income was $184.6 million, or $5.62 on a diluted earnings per share basis, an increase of $54.8 million, or 42.2%, as compared to 2018.

“2019 was a tremendous year for Rockland Trust,”  said Christopher Oddleifson, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company.  “We achieved record earnings, record profitability, and delivered a strong return on equity to our shareholders. Our outstanding 2019 performance derived from the dedication and effort of each and every one of my colleagues, and their collective outstanding commitment to our customers, the communities we serve, and to each other.  Those efforts were complemented by the Blue Hills acquisition, which we closed during the first half of 2019. We enter 2020 with strong fundamentals, good momentum and a continuing clear, disciplined focus upon the priorities of our customers.”


BALANCE SHEET
    
Total assets of $11.4 billion at December 31, 2019 decreased by $143.5 million, or 1.2%, from the prior quarter, and inclusive of the 2019 second quarter acquisition of Blue Hills Bancorp, Inc. ("BHB"), increased by $2.5 billion, or 28.7%, as compared to the year ago period.
 
Loan closing volumes remained strong in the fourth quarter, but were outpaced by elevated payoff activity, which continues to be partially attributable to the recently acquired BHB portfolio. The net impact of this activity resulted in total loans decreasing by $39.9 million, or 0.5%, from the prior quarter to $8.9 billion. The commercial portfolio experienced modest growth, driven primarily by increased construction lending, while paydown activity negated strong closings in the commercial and industrial and commercial real estate portfolios. The consumer portfolio decreased as compared to the linked quarter, as the Company continues to sell a majority of its residential production into the secondary market, and as demand for home equity lending remains constrained by the current interest rate environment. Inclusive of the BHB acquisition, total loans increased by $2.0 billion, or 28.5%, when compared to the year ago period.

Deposit balances of $9.1 billion at December 31, 2019 decreased by $178.7 million, or 1.9%, compared to the third quarter of 2019, which was driven primarily by cash flow volatility associated with larger commercial deposit balances as well as some runoff in the acquired BHB deposit base. This continued runoff of higher cost time deposits con

1


tributed to a decline in the cost of deposits of two basis points, to 0.48% in the fourth quarter as compared to the prior quarter. Inclusive of the BHB acquisition, total deposits increased by $1.7 billion, or 23.2%, when compared to the year ago period.

The securities portfolio remained consistent with the prior quarter, reflecting $55.5 million of purchases offset by paydowns.
 
Total borrowings increased by $10.3 million, or 3.5%, compared to the prior quarter, primarily due to a $45.0 million Federal Home Loan Bank overnight borrowing position partially offset by a $35.0 million redemption of subordinated debt.

Stockholders' equity at December 31, 2019 rose to $1.7 billion, an increase of 1.5% as compared to September 30, 2019, driven by continued strong earnings retention, and partially offset by a decrease in other comprehensive income of $8.0 million. Stockholders' equity increased by 59.1% when compared to the year ago period, due primarily to the issuance of common stock associated with the BHB acquisition. Book value per share increased by $0.74, or 1.5%, to $49.69 during the fourth quarter as compared to the linked quarter. The Company's ratio of common equity to assets of 14.99% increased by 41 basis points from the prior quarter and by 286 basis points from the same period a year ago. The Company's tangible book value per share at December 31, 2019 was $34.11, representing an increase from the prior quarter of $0.75, or 2.2%, and is now 19.4% higher than the year ago period. The Company's ratio of tangible common equity to tangible assets of 10.80% at December 31, 2019 is 38 basis points higher than the prior quarter and 145 basis points above the year ago period.

NET INTEREST INCOME
        
Net interest income for the fourth quarter decreased 4.4% to $100.0 million compared to $104.6 million in the prior quarter. The decrease reflects the cumulative impact of recent Federal Reserve rate cuts, lower acquired loan accretion income, and a decrease in overall average earning assets. The 2019 fourth quarter net interest margin of 3.90% reflects a reduction of 13 basis points from the prior quarter, and includes purchase accounting loan accretion income of $3.4 million for the fourth quarter as compared to $3.9 million in the prior quarter.

NONINTEREST INCOME

Noninterest income of $33.3 million in the fourth quarter of 2019 was $1.5 million, or 4.7%, higher than the prior quarter. Significant changes in noninterest income in the fourth quarter compared to the prior quarter included the following:

•
Interchange and ATM fees decreased by $432,000, or 7.0%, due primarily to a seasonal decline in debit card usage along with higher annual debit card branding incentives that occurred in the third quarter of 2019.

•
Investment management income increased by $442,000, or 6.1%, compared to the prior quarter, due to new asset generation and increased retail commissions. Assets under administration at December 31, 2019 rose 0.7% during the quarter to $4.6 billion and are now 26.2% above prior year levels.

•
Mortgage banking income decreased by $698,000, or 17.6%, reflecting an anticipated seasonal decline in activity.

•
Loan level derivative income decreased by $573,000, or 20.9%, as a result of decreased customer demand in the quarter.

•
Other noninterest income increased by $3.1 million, or 64.9%. The increase is attributable primarily to a $3.1 million insurance recovery related to a claim settlement on an acquired BHB loan that was fully charged off prior to the acquisition.


2


NONINTEREST EXPENSE

Noninterest expense of $67.4 million in the fourth quarter of 2019 was $88,000, or 0.1% lower than the prior quarter. Significant changes in noninterest expense in the fourth quarter compared to the prior quarter included the following:

•
Salaries and employee benefits expense decreased by $1.7 million, or 4.2%, due primarily to reduced incentive accruals corresponding to the Company's lower earnings per share in the fourth quarter compared to the third quarter.

•
Occupancy and equipment expense increased by $543,000, or 6.3%, mainly due to one-time facility exit costs and snow removal costs.

•
Data processing expense increased by $118,000, or 7.8%, driven primarily by periodic system upgrades.

•
There were no merger and acquisition costs for the fourth quarter compared to $705,000 in the prior quarter related to final BHB acquisition integration costs.

•
Other noninterest expense increased by $1.6 million, or 9.4%, mainly due to increased provision for unfunded commitments, as well as increases in consultant fees, system conversion costs, and software maintenance.
 
The Company generated a return on average assets and a return on average common equity of 1.64% and 11.06%, respectively, in the fourth quarter of 2019, as compared to 1.78% and 12.33%, respectively, for the prior quarter.

The Company's effective tax rate decreased to 23.2% for the fourth quarter as compared to 24.7% in the prior quarter, which was primarily attributable to a discrete benefit of $632,0000 associated with amended state tax returns filed during the quarter, as well as a related year to date favorable adjustment in the current quarter to reflect the newly determined lower state tax rate. Approximately $370,000 of this benefit was paid out in turn and included in the aforementioned higher consulting expenses incurred during the quarter.

ASSET QUALITY

During the fourth quarter of 2019, the Company recorded total net charge-offs of $3.2 million, primarily relating to a single charge-off of $2.5 million on a recently acquired loan. As such, there was $4.0 million provision for loan losses in the fourth quarter of 2019, as provision was also needed for legacy loan growth during the quarter. Nonperforming loans increased to $48.0 million at December 31, 2019 compared to prior quarter balances of $45.7 million, and increased to 0.54% of loans in the fourth quarter compared to 0.51% in the third quarter. However, total nonperforming assets are down slightly at December 31, 2019 to $48.0 million when compared to the prior period due to the sale of other real estate owned. When compared to the year ago period, total nonperforming assets have increased modestly by $2.6 million, or 5.8%. At December 31, 2019, delinquency as a percentage of loans was 0.29%, representing an increase of three basis points from the prior quarter.

The allowance for loan losses was $67.7 million at December 31, 2019, as compared to $66.9 million at September 30, 2019. The Company’s allowance for loan losses as a percentage of loans was 0.76% and 0.75% at December 31, 2019 and September 30, 2019, respectively.


3


CONFERENCE CALL INFORMATION

Christopher Oddleifson, Chief Executive Officer, Robert Cozzone, Chief Operating Officer, and Mark Ruggiero, Chief Financial Officer, will host a conference call to discuss fourth quarter earnings at 10:00 a.m. Eastern Time on Friday, January 17, 2020. Internet access to the call is available on the Company’s website at www.rocklandtrust.com or via telephonic access by dial-in at 1-888-336-7153 reference: INDB. A replay of the call will be available by calling 1-877-344-7529, Replay Conference Number: 10136428 and will be available through January 31, 2020. Additionally, a webcast replay will be available until January 17, 2021.

ABOUT INDEPENDENT BANK CORP.
Independent Bank Corp. is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Named in 2018 to The Boston Globe’s “Top Places to Work” list for the 10th consecutive year, Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through over 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, the Cape and Islands, as well as in Worcester County and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. The Company is an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank “Where Each Relationship Matters®”, please visit www.rocklandtrust.com.

This press release contains certain “forward-looking statements” with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking terminology as “expect,” “achieve,” “plan,” “believe,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements.

Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

•
a weakening in the United States economy in general and the regional and local economies within the New England region and the Company’s market area;
•
adverse changes or volatility in the local real estate market;
•
adverse changes in asset quality including an unanticipated credit deterioration in our loan portfolio including those related to one or more large commercial relationships;
•
acquisitions may not produce results at levels or within time frames originally anticipated and may result in unforeseen integration issues or impairment of goodwill and/or other intangibles;
•
additional regulatory oversight and additional costs associated with the Company's increase in assets to over $10 billion;
•
changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System;
•
higher than expected tax expense, resulting from failure to comply with general tax laws, changes in tax laws, or failure to comply with requirements of the federal New Markets Tax Credit program;
•
changes in market interest rates for interest earning assets and/or interest bearing liabilities and changes related to the phase-out of LIBOR;
•
increased competition in the Company’s market area;
•
unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather or other external events;
•
a deterioration in the conditions of the securities markets;
•
a deterioration of the credit rating for U.S. long-term sovereign debt;
•
inability to adapt to changes in information technology, including changes to industry accepted delivery models driven by a migration to the internet as a means of service delivery;
•
electronic fraudulent activity within the financial services industry, especially in the commercial banking sector;
•
adverse changes in consumer spending and savings habits;
•
the inability to realize expected synergies from merger transactions in the amounts or in the timeframes anticipated;
•
inability to retain customers and employees, including those acquired in recent acquisitions;
•
the effect of laws and regulations regarding the financial services industry;

4


•
changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Company’s business;
•
changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters including, but not limited to , changes to how the Company accounts for credit losses;
•
cyber security attacks or intrusions that could adversely impact our businesses; and
•
other unexpected material adverse changes in our operations or earnings.

The Company wishes to caution readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors.

This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This information includes operating net income and operating earnings per share ("EPS"), operating return on average assets, operating return on average common equity, tangible book value per share and the tangible common equity ratio.

Operating net income, operating EPS, operating return on average assets and operating return on average common equity exclude items that management believes are unrelated to its core banking business such as merger and acquisition expenses, and other items, if applicable.  The Company’s management uses operating earnings and related ratios and operating EPS to measure the strength of the Company’s core banking business and to identify trends that may to some extent be obscured by such items.

Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders' equity less goodwill and identifiable intangible assets, or "tangible common equity", by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by "tangible assets", defined as total assets less goodwill and other intangibles). The Company has included information on tangible book value per share and the tangible common equity ratio because management believes that investors may find it useful to have access to the same analytical tools used by management.  As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles.  Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry.

These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management deems to be noncore and excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating earnings, operating EPS, operating return on average assets, operating return on average equity, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.

Contacts:

Chris Oddleifson
President and Chief Executive Officer
(781) 982-6660
                
Mark J. Ruggiero

5


Chief Financial Officer and
Chief Accounting Officer
(781) 982-6281





INDEPENDENT BANK CORP. FINANCIAL SUMMARY
 
 
 
 
 
 
CONSOLIDATED BALANCE SHEETS
 
 
 
 
(Unaudited, dollars in thousands)
 
 
 
 
 
 
% Change
 
% Change
 
December 31
2019
 
September 30
2019
 
December 31
2018
 
Dec 2019 vs.
 
Dec 2019 vs.
 
 
 
 
Sept 2019
 
Dec 2018
Assets
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
114,686

 
$
153,000

 
$
127,503

 
(25.04
)%
 
(10.05
)%
Interest-earning deposits with banks
36,288

 
66,272

 
122,952

 
(45.24
)%
 
(70.49
)%
Securities
 
 
 
 
 
 


 


Trading
2,179

 
1,963

 
1,504

 
11.00
 %
 
44.88
 %
Equities
21,261

 
21,021

 
19,477

 
1.14
 %
 
9.16
 %
Available for sale
426,424

 
391,975

 
442,752

 
8.79
 %
 
(3.69
)%
Held to maturity
740,806

 
777,270

 
611,490

 
(4.69
)%
 
21.15
 %
Total securities
1,190,670

 
1,192,229

 
1,075,223

 
(0.13
)%
 
10.74
 %
Loans held for sale
33,307

 
55,937

 
6,431

 
(40.46
)%
 
417.91
 %
Loans
 
 
 
 
 
 


 


Commercial and industrial
1,395,036

 
1,411,516

 
1,093,629

 
(1.17
)%
 
27.56
 %
Commercial real estate
4,002,359

 
4,000,487

 
3,251,248

 
0.05
 %
 
23.10
 %
Commercial construction
547,293

 
520,585

 
365,165

 
5.13
 %
 
49.88
 %
Small business
174,497

 
172,038

 
164,676

 
1.43
 %
 
5.96
 %
Total commercial
6,119,185

 
6,104,626

 
4,874,718

 
0.24
 %
 
25.53
 %
Residential real estate
1,590,569

 
1,644,758

 
923,294

 
(3.29
)%
 
72.27
 %
Home equity - first position
649,255

 
644,675

 
654,083

 
0.71
 %
 
(0.74
)%
Home equity - subordinate positions
484,543

 
492,434

 
438,001

 
(1.60
)%
 
10.63
 %
Total consumer real estate
2,724,367

 
2,781,867

 
2,015,378

 
(2.07
)%
 
35.18
 %
Other consumer
30,087

 
27,008

 
16,098

 
11.40
 %
 
86.90
 %
Total loans
8,873,639

 
8,913,501

 
6,906,194

 
(0.45
)%
 
28.49
 %
Less: allowance for loan losses
(67,740
)
 
(66,942
)
 
(64,293
)
 
1.19
 %
 
5.36
 %
Net loans
8,805,899

 
8,846,559

 
6,841,901

 
(0.46
)%
 
28.71
 %
Federal Home Loan Bank stock
14,424

 
14,976

 
15,683

 
(3.69
)%
 
(8.03
)%
Bank premises and equipment, net
123,674

 
125,026

 
97,581

 
(1.08
)%
 
26.74
 %
Goodwill
506,206

 
504,562

 
256,105

 
0.33
 %
 
97.66
 %
Other intangible assets
29,286

 
31,307

 
15,250

 
(6.46
)%
 
92.04
 %
Cash surrender value of life insurance policies
197,372

 
195,883

 
160,456

 
0.76
 %
 
23.01
 %
Other assets
343,353

 
352,888

 
132,507

 
(2.70
)%
 
159.12
 %
Total assets
$
11,395,165

 
$
11,538,639

 
$
8,851,592

 
(1.24
)%
 
28.74
 %
Liabilities and Stockholders' Equity
 
 
 
 
 
 

 

Deposits
 
 
 
 
 
 

 

Noninterest-bearing demand deposits
$
2,662,591

 
$
2,752,150

 
$
2,450,907

 
(3.25
)%
 
8.64
 %
Savings and interest checking accounts
3,232,909

 
3,199,182

 
2,865,349

 
1.05
 %
 
12.83
 %
Money market
1,856,552

 
1,904,643

 
1,399,761

 
(2.52
)%
 
32.63
 %
Time certificates of deposit
1,395,315

 
1,470,116

 
711,103

 
(5.09
)%
 
96.22
 %
Total deposits
9,147,367

 
9,326,091

 
7,427,120

 
(1.92
)%
 
23.16
 %
Borrowings
 
 
 
 
 
 

 

Federal Home Loan Bank borrowings
115,748

 
70,708

 
147,806

 
63.70
 %
 
(21.69
)%
Long-term borrowings, net
74,906

 
74,894

 
—

 
0.02
 %
 
100.00%

Junior subordinated debentures, net
62,848

 
62,848

 
76,173

 
—
 %
 
(17.49
)%
Subordinated debentures, net
49,601

 
84,341

 
34,728

 
(41.19
)%
 
42.83
 %
Total borrowings
303,103

 
292,791

 
258,707

 
3.52
 %
 
17.16
 %
Total deposits and borrowings
9,450,470

 
9,618,882

 
7,685,827

 
(1.75
)%
 
22.96
 %
Other liabilities
236,552

 
237,433

 
92,275

 
(0.37
)%
 
156.36
 %
Total liabilities
9,687,022

 
9,856,315

 
7,778,102

 
(1.72
)%
 
24.54
 %

6


Stockholders' equity
 
 
 
 
 
 

 

Common stock
342

 
342

 
279

 
—
 %
 
22.58
 %
Additional paid in capital
1,035,450

 
1,033,949

 
527,648

 
0.15
 %
 
96.24
 %
Retained earnings
654,182

 
621,831

 
546,736

 
5.20
 %
 
19.65
 %
Accumulated other comprehensive income (loss), net of tax
18,169

 
26,202

 
(1,173
)
 
(30.66
)%
 
1,648.93
 %
Total stockholders' equity
1,708,143

 
1,682,324

 
1,073,490


1.53
 %
 
59.12
 %
Total liabilities and stockholders' equity
$
11,395,165

 
$
11,538,639

 
$
8,851,592

 
(1.24
)%
 
28.74
 %

CONSOLIDATED STATEMENTS OF INCOME
 
 
 
 
 
(Unaudited, dollars in thousands, except per share data)
 
 
 
 
 
 
Three Months Ended
 
 
 
 
 
 
 
 
 
 
 
% Change
 
% Change
 
December 31
2019
 
September 30
2019
 
December 31
2018
 
Dec 2019 vs.
 
Dec 2019 vs.
 
 
 
 
Sept 2019
 
Dec 2018
Interest income
 
 
 
 
 
 
 
 
 
Interest on federal funds sold and short-term investments
$
454

 
$
680

 
$
908

 
(33.24
)%

(50.00
)%
Interest and dividends on securities
8,161

 
8,283

 
7,146

 
(1.47
)%
 
14.20
 %
Interest and fees on loans
104,724

 
110,205

 
79,807

 
(4.97
)%
 
31.22
 %
Interest on loans held for sale
364

 
456

 
49

 
(20.18
)%
 
642.86
 %
Total interest income
113,703

 
119,624

 
87,910

 
(4.95
)%
 
29.34
 %
Interest expense
 
 
 
 
 
 


 


Interest on deposits
11,134

 
11,846

 
6,222

 
(6.01
)%
 
78.95
 %
Interest on borrowings
2,576

 
3,180

 
1,396

 
(18.99
)%
 
84.53
 %
Total interest expense
13,710

 
15,026

 
7,618

 
(8.76
)%
 
79.97
 %
Net interest income
99,993

 
104,598

 
80,292

 
(4.40
)%
 
24.54
 %
Provision for loan losses
4,000

 
—

 
1,200

 
100.00%

 
233.33
 %
Net interest income after provision for loan losses
95,993

 
104,598

 
79,092

 
(8.23
)%
 
21.37
 %
Noninterest income
 
 
 
 
 
 


 


Deposit account fees
5,255

 
5,299

 
4,687

 
(0.83
)%
 
12.12
 %
Interchange and ATM fees
5,705

 
6,137

 
5,027

 
(7.04
)%
 
13.49
 %
Investment management
7,630

 
7,188

 
6,627

 
6.15
 %
 
15.14
 %
Mortgage banking income
3,270

 
3,968

 
941

 
(17.59
)%
 
247.50
 %
Increase in cash surrender value of life insurance policies
1,441

 
1,304

 
1,131

 
10.51
 %
 
27.41
 %
Gain on life insurance benefits
—

 
434

 
—

 
(100.00
)%
 
n/a

Loan level derivative income
2,166

 
2,739

 
826

 
(20.92
)%
 
162.23
 %
Other noninterest income
7,830

 
4,747

 
4,252

 
64.95
 %
 
84.15
 %
Total noninterest income
33,297

 
31,816

 
23,491

 
4.65
 %
 
41.74
 %
Noninterest expenses
 
 
 
 
 
 


 


Salaries and employee benefits
37,764

 
39,432

 
31,845

 
(4.23
)%
 
18.59
 %
Occupancy and equipment expenses
9,098

 
8,555

 
6,883

 
6.35
 %
 
32.18
 %
Data processing and facilities management
1,633

 
1,515

 
1,288

 
7.79
 %
 
26.79
 %
FDIC assessment
—

 
—

 
560

 
n/a

 
(100.00
)%
Merger and acquisition expense
—

 
705

 
8,046

 
(100.00
)%
 
(100.00
)%
Other noninterest expenses
18,950

 
17,326

 
15,769

 
9.37
 %
 
20.17
 %
Total noninterest expenses
67,445

 
67,533

 
64,391

 
(0.13
)%
 
4.74
 %
Income before income taxes
61,845

 
68,881

 
38,192

 
(10.21
)%
 
61.93
 %
Provision for income taxes
14,368

 
17,036

 
8,258

 
(15.66
)%
 
73.99
 %
Net Income
$
47,477

 
$
51,845

 
$
29,934

 
(8.43
)%
 
58.61
 %
 
 
 
 
 
 
 
 
 
 
Weighted average common shares (basic)
34,374,953

 
34,361,176

 
27,815,437

 
 
 
 
Common share equivalents
46,245

 
39,390

 
58,576

 
 
 
 
Weighted average common shares (diluted)
34,421,198

 
34,400,566

 
27,874,013

 
 
 
 

7


 
 
 
 
 
 
 
 
 
 
Basic earnings per share
$
1.38

 
$
1.51

 
$
1.08

 
(8.61
)%
 
27.78
 %
Diluted earnings per share
$
1.38

 
$
1.51

 
$
1.07

 
(8.61
)%
 
28.97
 %
 
 
 
 
 
 
 
 
 
 
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):
 
 
 
 
 
 
Net income
$
47,477

 
$
51,845

 
$
29,934

 
 
 
 
Noninterest income components
 
 
 
 
 
 
 
 
 
Less - gain on sale of loans
—

 
951

 
—

 
 
 
 
Noninterest expense components
 
 
 
 
 
 
 
 
 
Add - merger and acquisition expenses
—

 
705

 
8,046

 
 
 
 
Noncore increases (decreases) to income before taxes
—

 
(246
)
 
8,046

 
 
 
 
Net tax expense (benefit) associated with noncore items (1)
—

 
72

 
(2,089
)
 
 
 
 
Noncore increases (decreases) to net income
—

 
(174
)
 
5,957

 
 
 
 
Operating net income
$
47,477

 
$
51,671

 
$
35,891

 
(8.12
)%
 
32.28
 %
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share, on an operating basis
$
1.38

 
$
1.50

 
$
1.29

 
(8.00
)%
 
6.98
 %
(1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income.
Performance ratios
 
 
 
 
 
 
 
 
 
Net interest margin (FTE)
3.90
%
 
4.03
%
 
4.05
%
 
 
 
 
Return on average assets GAAP (calculated by dividing net income by average assets)
1.64
%
 
1.78
%
 
1.38
%
 
 
 
 
Return on average assets on an operating basis (calculated by dividing net operating earnings by average assets)
1.64
%
 
1.77
%
 
1.66
%
 
 
 
 
Return on average common equity GAAP (calculated by dividing net income by average common equity)
11.06
%
 
12.33
%
 
11.49
%
 
 
 
 
Return on average common equity on an operating basis (calculated by dividing net operating earnings by average common equity)
11.06
%
 
12.29
%
 
13.78
%
 
 
 
 
CONSOLIDATED STATEMENTS OF INCOME
 
 
 
 
 
(Unaudited, dollars in thousands, except per share data)
 
 
 
 
 
 
Years Ended
 
 
 
 
 
 
 
 
% Change
 
 
December 31
2019
 
December 31
2018
 
Dec 2019 vs.
 
 
 
 
Dec 2018
 
 
 
 
 
 
 
Interest income
 
 
 
 
 
 
Interest on federal funds sold and short-term investments
 
$
2,207

 
$
2,676

 
(17.53
)%
Interest and dividends on securities
 
32,456

 
26,573

 
22.14
 %
Interest and fees on loans
 
411,460

 
294,293

 
39.81
 %
Interest on loans held for sale
 
891

 
159

 
460.38
 %
Total interest income
 
447,014

 
323,701

 
38.09
 %
Interest expense
 
 
 
 
 


Interest on deposits
 
41,186

 
19,995

 
105.98
 %
Interest on borrowings
 
12,693

 
5,541

 
129.07
 %
Total interest expense
 
53,879

 
25,536

 
110.99
 %
Net interest income
 
393,135

 
298,165

 
31.85
 %
Provision for loan losses
 
6,000

 
4,775

 
25.65
 %
Net interest income after provision for loan losses
 
387,135

 
293,390

 
31.95
 %
Noninterest income
 
 
 
 
 


Deposit account fees
 
20,040

 
18,327

 
9.35
 %
Interchange and ATM fees
 
22,152

 
18,916

 
17.11
 %
Investment management
 
28,719

 
26,155

 
9.80
 %
Mortgage banking income
 
11,454

 
4,071

 
181.36
 %
Increase in cash surrender value of life insurance policies
 
5,013

 
4,060

 
23.47
 %

8


Gain on life insurance benefits
 
434

 
1,463

 
(70.33
)%
Loan level derivative income
 
6,478

 
2,373

 
172.99
 %
Other noninterest income
 
21,004

 
13,140

 
59.85
 %
Total noninterest income
 
115,294

 
88,505

 
30.27
 %
Noninterest expenses
 
 
 
 
 


Salaries and employee benefits
 
149,165

 
124,328

 
19.98
 %
Occupancy and equipment expenses
 
33,207

 
27,098

 
22.54
 %
Data processing and facilities management
 
6,516

 
5,125

 
27.14
 %
FDIC assessment
 
1,394

 
2,774

 
(49.75
)%
Merger and acquisition expense
 
26,433

 
11,168

 
136.69
 %
Other noninterest expenses
 
67,606

 
55,476

 
21.87
 %
Total noninterest expenses
 
284,321

 
225,969

 
25.82
 %
Income before income taxes
 
218,108

 
155,926

 
39.88
 %
Provision for income taxes
 
52,933

 
34,304

 
54.31
 %
Net Income
 
$
165,175

 
$
121,622

 
35.81
 %
 
 
 
 
 
 
 
Weighted average common shares (basic)
 
32,810,433

 
27,592,380

 


Common share equivalents
 
45,801

 
61,428

 
 
Weighted average common shares (diluted)
 
32,856,234

 
27,653,808

 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
5.03

 
$
4.41

 
14.06
 %
Diluted earnings per share
 
$
5.03

 
$
4.40

 
14.32
 %
 
 
 
 
 
 
 
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):
 
 
 
 
 


Net Income
 
$
165,175

 
$
121,622

 
 
Noninterest income components
 
 
 
 
 


Less - gain on sale of loans
 
951

 
—

 
 
Noninterest expense components
 
 
 
 
 


Add - merger and acquisition expenses
 
26,433

 
11,168

 


Noncore increases (decreases) to income before taxes
 
25,482

 
11,168

 


Net tax expense (benefit) associated with noncore items (1)
 
(6,686
)
 
(2,967
)
 


Add - adjustment for tax effect of previously incurred merger and acquisition expenses
 
650

 
—

 
 
Total tax impact
 
(6,036
)
 
(2,967
)
 
 
Noncore increases (decreases) to net income
 
$
19,446

 
$
8,201

 
 
Operating net income
 
$
184,621

 
$
129,823

 
42.21
 %
 
 
 
 
 
 
 
Diluted earnings per share, on an operating basis
 
$
5.62

 
$
4.69

 
19.83
 %
(1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income.
 
 
 
 
 
 
 
Performance ratios
 
 
 
 
 


Net interest margin (FTE)
 
4.04
%
 
3.91
%
 


Return on average assets GAAP (calculated by dividing net income by average assets)
 
1.52
%
 
1.46
%
 


Return on average assets on an operating basis (calculated by dividing net operating earnings by average assets)
 
1.70
%
 
1.56
%
 


Return on average common equity GAAP (calculated by dividing net income by average common equity)
 
10.85
%
 
12.31
%
 


Return on average common equity on an operating basis (calculated by dividing net operating earnings by average common equity)
 
12.13
%
 
13.14
%
 



9


ASSET QUALITY
 
 
(Unaudited, dollars in thousands)
 
Nonperforming Assets At
 
 
December 31
2019
 
September 30
2019
 
December 31
2018
Nonperforming loans
 
 
 
 
 
 
Commercial & industrial loans
 
$
22,574

 
$
23,507

 
$
26,310

Commercial real estate loans
 
3,234

 
1,666

 
3,326

Small business loans
 
311

 
112

 
235

Residential real estate loans
 
15,012

 
13,088

 
8,251

Home equity
 
6,835

 
7,231

 
7,278

Other consumer
 
83

 
98

 
18

Total nonperforming loans
 
48,049

 
45,702

 
45,418

Other real estate owned
 
—

 
2,500

 
—

Total nonperforming assets
 
$
48,049

 
$
48,202

 
$
45,418

 
 
 
 
 
 
 
Nonperforming loans/gross loans
 
0.54
%
 
0.51
%
 
0.66
%
Nonperforming assets/total assets
 
0.42
%
 
0.42
%
 
0.51
%
Allowance for loan losses/nonperforming loans
 
140.98
%
 
146.47
%
 
141.56
%
Allowance for loan losses/total loans
 
0.76
%
 
0.75
%
 
0.93
%
Delinquent loans/total loans
 
0.29
%
 
0.26
%
 
0.67
%
 
 
 
 
 
 
 
 
 
Nonperforming Assets Reconciliation for the Three Months Ended
 
 
December 31
2019
 
September 30
2019
 
December 31
2018
 
 
 
 
 
 
 
Nonperforming assets beginning balance
 
$
48,202

 
$
48,183

 
$
45,584

New to nonperforming
 
13,457

 
4,946

 
5,759

Acquired loans
 
—

 
—

 
—

Loans charged-off
 
(3,467
)
 
(707
)
 
(588
)
Loans paid-off
 
(7,222
)
 
(3,041
)
 
(4,453
)
Loans restored to performing status
 
(391
)
 
(714
)
 
(630
)
Acquired other real estate owned
 
—

 
—

 
—

Valuation write down
 
—

 
(389
)
 
(120
)
Sale of other real estate owned
 
(2,500
)
 
—

 
(70
)
Other
 
(30
)
 
(76
)
 
(64
)
Nonperforming assets ending balance
 
$
48,049

 
$
48,202

 
$
45,418



10


 
 
Net Charge-Offs (Recoveries)
 
 
Three Months Ended
 
Years Ended
 
 
December 31
2019
 
September 30
2019
 
December 31
2018
 
December 31
2019
 
December 31
2018
Net charge-offs (recoveries)
 
 
 
 
 
 
 
 
 
 
Commercial and industrial loans
 
$
240

 
$
(1,003
)
 
$
(3
)
 
$
(887
)
 
$
173

Commercial real estate loans
 
2,532

 
(24
)
 
(121
)
 
2,462

 
(106
)
Small business loans
 
176

 
64

 
118

 
387

 
326

Residential real estate loans
 
(1
)
 
(140
)
 
—

 
(142
)
 
136

Home equity
 
(12
)
 
(166
)
 
4

 
(78
)
 
137

Other consumer
 
267

 
287

 
144

 
811

 
459

Total net charge-offs (recoveries)
 
$
3,202

 
$
(982
)
 
$
142

 
$
2,553

 
$
1,125

 
 
 
 
 
 
 
 
 
 
 
Net charge-offs (recoveries) to average loans (annualized)
 
0.14
%
 
(0.04
)%
 
0.01
%
 
0.03
%
 
0.02
%
 
 
Troubled Debt Restructurings At
 
 
December 31
2019
 
September 30
2019
 
December 31
2018
Troubled debt restructurings on accrual status
 
$
19,599

 
$
20,182

 
$
23,849

Troubled debt restructurings on nonaccrual status
 
24,766

 
26,232

 
29,348

Total troubled debt restructurings
 
$
44,365

 
$
46,414

 
$
53,197

 
 
 
 
 
 
 
BALANCE SHEET AND CAPITAL RATIOS
 
 
 
 
 
 
 
 
December 31
2019
 
September 30
2019
 
December 31
2018
Gross loans/total deposits
 
97.01
%
 
95.58
%
 
92.99
%
Common equity tier 1 capital ratio (1)
 
12.82
%
 
12.52
%
 
11.92
%
Tier one leverage capital ratio (1)
 
11.26
%
 
10.83
%
 
10.69
%
Common equity to assets ratio GAAP
 
14.99
%
 
14.58
%
 
12.13
%
Tangible common equity to tangible assets ratio (2)
 
10.80
%
 
10.42
%
 
9.35
%
Book value per share GAAP
 
$
49.69

 
$
48.95

 
$
38.23

Tangible book value per share (2)
 
$
34.11

 
$
33.36

 
$
28.57

(1) Estimated number for December 31, 2019.
(2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios.
    



















11



INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Unaudited, dollars in thousands)
 
Three Months Ended
 
 
December 31, 2019
 
September 30, 2019
 
December 31, 2018
 
 
 
 
Interest
 
 
 
 
Interest
 
 
 
 
Interest
 
 
 
 
Average
 
Earned/
Yield/
 
Average
 
Earned/
Yield/
 
Average
 
Earned/
 
Yield/
 
 
Balance
 
Paid (1)
 
Rate
 
Balance
 
Paid (1)
 
Rate
 
Balance
 
Paid (1)
 
Rate
Interest-earning assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-earning deposits with banks, federal funds sold, and short term investments
 
$
99,173

 
$
454

 
1.82
%
 
$
115,255

 
$
680

 
2.34
%
 
$
158,376

 
$
908

 
2.27
%
Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities - trading
 
2,041

 
—

 
—
%
 
1,947

 
—

 
—
%
 
1,554

 
—

 
—
%
Securities - taxable investments
 
1,177,084

 
8,150

 
2.75
%
 
1,204,314

 
8,269

 
2.72
%
 
1,031,969

 
7,132

 
2.74
%
Securities - nontaxable investments (1)
 
1,476

 
14

 
3.76
%
 
1,739

 
18

 
4.11
%
 
1,939

 
18

 
3.68
%
Total securities
 
$
1,180,601

 
$
8,164

 
2.74
%
 
$
1,208,000

 
$
8,287

 
2.72
%
 
$
1,035,462

 
$
7,150

 
2.74
%
Loans held for sale
 
41,127

 
364

 
3.51
%
 
102,065

 
456

 
1.77
%
 
5,708

 
49

 
3.41
%
Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial (1)
 
1,384,063

 
18,534

 
5.31
%
 
1,380,007

 
20,274

 
5.83
%
 
1,033,345

 
13,087

 
5.02
%
Commercial real estate (1)
 
3,994,496

 
48,673

 
4.83
%
 
4,017,670

 
49,139

 
4.85
%
 
3,168,962

 
38,533

 
4.82
%
Commercial construction
 
555,328

 
7,226

 
5.16
%
 
510,277

 
7,155

 
5.56
%
 
373,042

 
5,116

 
5.44
%
Small business
 
172,647

 
2,560

 
5.88
%
 
172,942

 
2,626

 
6.02
%
 
152,722

 
2,309

 
6.00
%
Total commercial
 
6,106,534

 
76,993

 
5.00
%
 
6,080,896

 
79,194

 
5.17
%
 
4,728,071

 
59,045

 
4.95
%
Residential real estate
 
1,607,939

 
15,024

 
3.71
%
 
1,644,467

 
17,329

 
4.18
%
 
860,234

 
8,647

 
3.99
%
Home equity
 
1,134,192

 
12,367

 
4.33
%
 
1,142,137

 
13,309

 
4.62
%
 
1,085,421

 
12,013

 
4.39
%
Total consumer real estate
 
2,742,131

 
27,391

 
3.96
%
 
2,786,604

 
30,638

 
4.36
%
 
1,945,655

 
20,660

 
4.21
%
Other consumer
 
28,407

 
593

 
8.28
%
 
30,294

 
627

 
8.21
%
 
14,415

 
283

 
7.79
%
Total loans
 
$
8,877,072

 
$
104,977

 
4.69
%
 
$
8,897,794

 
$
110,459

 
4.93
%
 
$
6,688,141

 
$
79,988

 
4.74
%
Total interest-earning assets
 
$
10,197,973

 
$
113,959

 
4.43
%
 
$
10,323,114

 
$
119,882

 
4.61
%
 
$
7,887,687

 
$
88,095

 
4.43
%
Cash and due from banks
 
120,758

 
 
 
 
 
121,515

 
 
 
 
 
110,643

 
 
 
 
Federal Home Loan Bank stock
 
13,113

 
 
 
 
 
15,781

 
 
 
 
 
13,274

 
 
 
 
Other assets
 
1,122,737

 
 
 
 
 
1,119,388

 
 
 
 
 
573,854

 
 
 
 
Total assets
 
$
11,454,581

 
 
 
 
 
$
11,579,798

 
 
 
 
 
$
8,585,459

 
 
 
 
Interest-bearing liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Savings and interest checking accounts
 
$
3,225,413

 
$
2,117

 
0.26
%
 
$
3,157,870

 
$
2,120

 
0.27
%
 
$
2,737,399

 
$
1,763

 
0.26
%
Money market
 
1,880,638

 
3,756

 
0.79
%
 
1,942,932

 
4,220

 
0.86
%
 
1,398,175

 
2,378

 
0.67
%
Time deposits
 
1,427,513

 
5,261

 
1.46
%
 
1,471,749

 
5,506

 
1.48
%
 
685,440

 
2,081

 
1.20
%
Total interest-bearing deposits
 
$
6,533,564

 
$
11,134

 
0.68
%
 
$
6,572,551

 
$
11,846

 
0.72
%
 
$
4,821,014

 
$
6,222

 
0.51
%
Borrowings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal Home Loan Bank borrowings
 
74,094

 
410

 
2.20
%
 
156,054

 
945

 
2.40
%
 
53,631

 
280

 
2.07
%
Customer repurchase agreements
 
—

 
—

 
—
%
 
—

 
—

 
—
%
 
72,668

 
43

 
0.23
%
Long-term borrowings
 
74,839

 
612

 
3.24
%
 
74,885

 
684

 
3.62
%
 
—

 
—

 
—
%
Junior subordinated debentures
 
62,848

 
497

 
3.14
%
 
62,848

 
506

 
3.19
%
 
74,592

 
646

 
3.44
%
Subordinated debentures
 
66,593

 
1,057

 
6.30
%
 
84,319

 
1,045

 
4.92
%
 
34,723

 
427

 
4.88
%
Total borrowings
 
$
278,374

 
$
2,576

 
3.67
%
 
$
378,106

 
$
3,180

 
3.34
%
 
$
235,614

 
$
1,396

 
2.35
%
Total interest-bearing liabilities
 
$
6,811,938

 
$
13,710

 
0.80
%
 
$
6,950,657

 
$
15,026

 
0.86
%
 
$
5,056,628

 
$
7,618

 
0.60
%
Noninterest-bearing demand deposits
 
2,712,829

 
 
 
 
 
2,753,596

 
 
 
 
 
2,399,488

 
 
 
 
Other liabilities
 
226,223

 
 
 
 
 
207,924

 
 
 
 
 
95,670

 
 
 
 
Total liabilities
 
$
9,750,990

 
 
 
 
 
$
9,912,177

 
 
 
 
 
$
7,551,786

 
 
 
 
Stockholders' equity
 
1,703,591

 
 
 
 
 
1,667,621

 
 
 
 
 
1,033,673

 
 
 
 

12


Total liabilities and stockholders' equity
 
$
11,454,581

 
 
 
 
 
$
11,579,798

 
 
 
 
 
$
8,585,459

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
 
$
100,249

 
 
 
 
 
$
104,856

 
 
 
 
 
$
80,477

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate spread (2)
 
 
 
 
 
3.63
%
 
 
 
 
 
3.75
%
 
 
 
 
 
3.83
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin (3)
 
 
 
 
 
3.90
%
 
 
 
 
 
4.03
%
 
 
 
 
 
4.05
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total deposits, including demand deposits
 
$
9,246,393

 
$
11,134

 
 
 
$
9,326,147

 
$
11,846

 
 
 
$
7,220,502

 
$
6,222

 
 
Cost of total deposits
 
 
 
 
 
0.48
%
 
 
 
 
 
0.50
%
 
 
 
 
 
0.34
%
Total funding liabilities, including demand deposits
 
$
9,524,767

 
$
13,710

 
 
 
$
9,704,253

 
$
15,026

 
 
 
$
7,456,116

 
$
7,618

 
 
Cost of total funding liabilities
 
 
 
 
 
0.57
%
 
 
 
 
 
0.61
%
 
 
 
 
 
0.41
%

(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $256,000, $258,000, and $185,000 for the three months ended December 31, 2019, September 30, 2019, and December 31, 2018, respectively, determined by applying the Company's marginal tax rates in effect during each respective quarter.
(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

13



 
 
Years Ended
 
 
December 31, 2019
 
December 31, 2018
 
 
 
 
Interest
 
 
 
 
 
Interest
 
 
 
 
Average
 
Earned/
 
Yield/
 
Average
 
Earned/
 
Yield/
 
 
Balance
 
Paid
 
Rate
 
Balance
 
Paid
 
Rate
Interest-earning assets
 
 
 
 
 
 
 
 
 
 
 
 
Interest earning deposits with banks, federal funds sold, and short term investments
 
$
97,028

 
$
2,207

 
2.27
%
 
$
136,140

 
$
2,676

 
1.97
%
Securities
 
 
 
 
 
 
 
 
 
 
 
 
Securities - trading
 
1,876

 
—

 
—
%
 
1,549

 
—

 
—
%
Securities - taxable investments
 
1,176,992

 
32,405

 
2.75
%
 
999,744

 
26,513

 
2.65
%
Securities - nontaxable investments (1)
 
1,673

 
66

 
3.95
%
 
2,098

 
76

 
3.62
%
Total securities
 
$
1,180,541

 
$
32,471

 
2.75
%
 
$
1,003,391

 
$
26,589

 
2.65
%
Loans held for sale
 
40,858

 
891

 
2.18
%
 
5,396

 
159

 
2.95
%
Loans
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial (1)
 
1,321,798

 
74,208

 
5.61
%
 
958,414

 
45,754

 
4.77
%
Commercial real estate (1)
 
3,838,526

 
187,902

 
4.90
%
 
3,128,659

 
144,045

 
4.60
%
Commercial construction
 
478,865

 
27,263

 
5.69
%
 
385,771

 
19,615

 
5.08
%
Small business
 
169,381

 
10,280

 
6.07
%
 
142,850

 
8,362

 
5.85
%
Total commercial
 
5,808,570

 
299,653

 
5.16
%
 
4,615,694

 
217,776

 
4.72
%
Residential real estate
 
1,483,831

 
59,375

 
4.00
%
 
794,735

 
31,768

 
4.00
%
Home equity
 
1,127,425

 
51,164

 
4.54
%
 
1,067,365

 
44,505

 
4.17
%
Total consumer real estate
 
2,611,256

 
110,539

 
4.23
%
 
1,862,100

 
76,273

 
4.10
%
Other consumer
 
26,095

 
2,216

 
8.49
%
 
12,116

 
952

 
7.86
%
Total loans
 
$
8,445,921

 
$
412,408

 
4.88
%
 
$
6,489,910

 
$
295,001

 
4.55
%
Total interest-earning assets
 
$
9,764,348

 
$
447,977

 
4.59
%
 
$
7,634,837

 
$
324,425

 
4.25
%
Cash and due from banks
 
118,295

 
 
 
 
 
103,911

 
 
 
 
Federal Home Loan Bank stock
 
15,692

 
 
 
 
 
13,200

 
 
 
 
Other assets
 
976,962

 
 
 
 
 
553,226

 
 
 
 
Total assets
 
$
10,875,297

 
 
 
 
 
$
8,305,174

 
 
 
 
Interest-bearing liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
 
 
 
 
 
 
 
 
 
 
 
Savings and interest checking accounts
 
$
3,121,120

 
$
8,366

 
0.27
%
 
$
2,658,798

 
$
5,582

 
0.21
%
Money market
 
1,817,394

 
15,135

 
0.83
%
 
1,367,743

 
7,465

 
0.55
%
Time deposits
 
1,250,577

 
17,685

 
1.41
%
 
655,983

 
6,948

 
1.06
%
Total interest-bearing deposits
 
$
6,189,091

 
$
41,186

 
0.67
%
 
$
4,682,524

 
$
19,995

 
0.43
%
Borrowings
 
 
 
 
 
 
 
 
 
 
 
 
Federal Home Loan Bank borrowings
 
178,658

 
4,438

 
2.48
%
 
59,932

 
1,083

 
1.81
%
Customer repurchase agreements
 
—

 
—

 
—
%
 
129,890

 
248

 
0.19
%
Line of Credit
 
2,673

 
104

 
3.89
%
 
—

 
—

 
—
%
Long-term borrowings
 
57,270

 
2,073

 
3.62
%
 
—

 
—

 
—
%
Junior subordinated debentures
 
67,581

 
2,388

 
3.53
%
 
73,458

 
2,501

 
3.40
%
Subordinated debentures
 
70,070

 
3,690

 
5.27
%
 
34,705

 
1,709

 
4.92
%
Total borrowings
 
$
376,252

 
$
12,693

 
3.37
%
 
$
297,985

 
$
5,541

 
1.86
%
Total interest-bearing liabilities
 
$
6,565,343

 
$
53,879

 
0.82
%
 
$
4,980,509

 
$
25,536

 
0.51
%
Noninterest-bearing demand deposits
 
2,607,763

 
 
 
 
 
2,252,006

 
 
 
 

14


Other liabilities
 
180,270

 
 
 
 
 
84,671

 
 
 
 
Total liabilities
 
$
9,353,376

 
 
 
 
 
$
7,317,186

 
 
 
 
Stockholders' equity
 
1,521,921

 
 
 
 
 
987,988

 
 
 
 
Total liabilities and stockholders' equity
 
$
10,875,297

 
 
 
 
 
$
8,305,174

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
 
$
394,098

 
 
 
 
 
$
298,889

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate spread (2)
 
 
 
 
 
3.77
%
 
 
 
 
 
3.74
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin (3)
 
 
 
 
 
4.04
%
 
 
 
 
 
3.91
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental Information
 
 
 
 
 
 
 
 
 
 
 
 
Total deposits, including demand deposits
 
$
8,796,854

 
$
41,186

 
 
 
$
6,934,530

 
$
19,995

 
 
Cost of total deposits
 
 
 
 
 
0.47
%
 
 
 
 
 
0.29
%
Total funding liabilities, including demand deposits
 
$
9,173,106

 
$
53,879

 
 
 
$
7,232,515

 
$
25,536

 
 
Cost of total funding liabilities
 
 
 
 
 
0.59
%
 
 
 
 
 
0.35
%
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $963,000 and $724,000 for the years ended December 31, 2019 and 2018, respectively.
(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

Organic Loan and Deposit Growth
 
 
 
 
 
 
 
 
 
 
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Year-over-Year
 
 
December 31
2019
 
December 31
2018
 
BHB Balances Acquired
 
 Loans Sold (1)
 
Organic Growth/(Decline)
 
Organic Growth/(Decline)%
Loans
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
 
$
1,395,036

 
$
1,093,629

 
$
259,592

 
$
—

 
$
41,815

 
3.82
 %
Commercial real estate
 
4,002,359

 
3,251,248

 
838,018

 
—

 
(86,907
)
 
(2.67
)%
Commercial construction
 
547,293

 
365,165

 
78,609

 
—

 
103,519

 
28.35
 %
Small business
 
174,497

 
164,676

 
13,851

 
—

 
(4,030
)
 
(2.45
)%
Total commercial
 
6,119,185

 
4,874,718

 
1,190,070

 
—

 
54,397

 
1.12
 %
Residential real estate
 
1,590,569

 
923,294

 
807,154

 
67,170

 
(72,709
)
 
(7.87
)%
Home equity
 
1,133,798

 
1,092,084

 
64,299

 
—

 
(22,585
)
 
(2.07
)%
Total consumer real estate
 
2,724,367

 
2,015,378

 
871,453

 
67,170

 
(95,294
)
 
(4.73
)%
Total other consumer
 
30,087

 
16,098

 
12,191

 
—

 
1,798

 
11.17
 %
Total loans
 
$
8,873,639

 
$
6,906,194

 
$
2,073,714

 
$
67,170

 
$
(39,099
)
 
(0.57
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing demand deposits
 
$
2,662,591

 
$
2,450,907

 
$
301,276

 
$
—

 
$
(89,592
)
 
(3.66
)%
Savings and interest checking accounts
 
3,232,909

 
2,865,349

 
351,554

 
—

 
16,006

 
0.56
 %
Money market
 
1,856,552

 
1,399,761

 
543,842

 
—

 
(87,051
)
 
(6.22
)%
Time certificates of deposit
 
1,395,315

 
711,103

 
733,764

 
—

 
(49,552
)
 
(6.97
)%
Total deposits
 
$
9,147,367

 
$
7,427,120

 
$
1,930,436

 
$
—

 
$
(210,189
)
 
(2.83
)%

(1)
During the third quarter of 2019, the Company sold $67.2 million of residential mortgage loans, primarily comprised of acquired BHB loans. The table above adjusts for the amounts sold to arrive at the organic growth/(decline) exclusive of the sale.


Certain amounts in prior year financial statements have been reclassified to conform to the current year's presentation.

15


APPENDIX A

(Unaudited, dollars in thousands, except per share data)

The following table summarizes the calculation of the Company's tangible common equity ratio and tangible book value per share at the dates indicated:
 
 
December 31
2019
 
September 30
2019
 
December 31
2018
 
Tangible common equity
 
(Dollars in thousands, except per share data)
 
Stockholders' equity (GAAP)
 
$
1,708,143

 
$
1,682,324

 
$
1,073,490

(a)
Less: Goodwill and other intangibles
 
535,492

 
535,869

 
271,355

 
Tangible common equity
 
$
1,172,651

 
$
1,146,455

 
$
802,135

(b)
Tangible assets
 
 
 
 
 
 
 
Assets (GAAP)
 
$
11,395,165

 
$
11,538,639

 
$
8,851,592

(c)
Less: Goodwill and other intangibles
 
535,492

 
535,869

 
271,355

 
Tangible assets
 
$
10,859,673

 
$
11,002,770

 
$
8,580,237

(d)
 
 
 
 
 
 
 
 
Common Shares
 
34,377,388

 
34,366,781

 
28,080,408

(e)
 
 
 
 
 
 
 
 
Common equity to assets ratio (GAAP)
 
14.99
%
 
14.58
%
 
12.13
%
(a/c)
Tangible common equity to tangible assets ratio (Non-GAAP)
 
10.80
%
 
10.42
%
 
9.35
%
(b/d)
Book value per share (GAAP)
 
$
49.69

 
$
48.95

 
$
38.23

(a/e)
Tangible book value per share (Non-GAAP)
 
$
34.11

 
$
33.36

 
$
28.57

(b/e)


16


APPENDIX B

(Unaudited, dollars in thousands)

The following table summarizes the impact of noncore items on the Company's calculation of noninterest income and noninterest expense, as well as the impact of noncore items on noninterest income as a percentage of total revenue and the efficiency ratio for the periods indicated:
 
Three Months Ended
 
Years Ended
 
 
December 31
2019
 
September 30
2019
 
December 31
2018
 
December 31
2019
 
December 31
2018
 
Net interest income (GAAP)
$
99,993

 
$
104,598

 
$
80,292

 
$
393,135

 
$
298,165

(a)
 
 
 
 
 
 
 
 
 
 
 
Noninterest income (GAAP)
$
33,297

 
$
31,816

 
$
23,491

 
$
115,294

 
$
88,505

(b)
Less:
 
 
 
 
 
 
 
 
 
 
Gain on sale of loans
—

 
951

 
—

 
951

 
—

 
Noninterest income on an operating basis (Non-GAAP)
$
33,297

 
$
30,865

 
$
23,491

 
$
114,343

 
$
88,505

(c)
 
 
 
 
 
 
 
 
 
 
 
Noninterest expense (GAAP)
$
67,445

 
$
67,533

 
$
64,391

 
$
284,321

 
$
225,969

(d)
Less:
 
 
 
 
 
 
 
 
 
 
Merger and acquisition expense
—

 
705

 
8,046

 
26,433

 
11,168

 
Noninterest expense on an operating basis (Non-GAAP)
$
67,445

 
$
66,828

 
$
56,345

 
$
257,888

 
$
214,801

(e)
 
 
 
 
 
 
 
 
 
 
 
Total revenue (GAAP)
$
133,290

 
$
136,414

 
$
103,783

 
$
508,429

 
$
386,670

(a+b)
Total operating revenue (Non-GAAP)
$
133,290

 
$
135,463

 
$
103,783

 
$
507,478

 
$
386,670

(a+c)
 
 
 
 
 
 
 
 
 
 
 
Ratios
 
 
 
 
 
 
 
 
 
 
Noninterest income as a % of total revenue (GAAP based)
24.98
%
 
23.32
%
 
22.63
%
 
22.68
%
 
22.89
%
(b/(a+b))
Noninterest income as a % of total revenue on an operating basis (Non-GAAP)
24.98
%
 
22.78
%
 
22.63
%
 
22.53
%
 
22.89
%
(c/(a+c))
Efficiency ratio (GAAP based)
50.60
%
 
49.51
%
 
62.04
%
 
55.92
%
 
58.44
%
(d/(a+b))
Efficiency ratio on an operating basis (Non-GAAP)
50.60
%
 
49.33
%
 
54.29
%
 
50.82
%
 
55.55
%
(e/(a+c))


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DEI Document
Jan. 16, 2020
Entity Information [Line Items]  
Entity Emerging Growth Company false
Entity File Number 1-9047
Entity Registrant Name INDEPENDENT BANK CORP.
Document Type 8-K
Document Period End Date Jan. 16, 2020
Entity Incorporation, State or Country Code MA
Entity Tax Identification Number 04-2870273
City Area Code 781
Entity Address, Address Line One 2036 Washington Street,
Entity Address, City or Town Hanover,
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02339
Local Phone Number 878-6100
Entity Central Index Key 0000776901
Amendment Flag false
Written Communications false
Soliciting Material false
Pre-commencement Issuer Tender Offer false
Pre-commencement Tender Offer false
Mailing Address [Member]  
Entity Information [Line Items]  
Entity Address, Address Line One 288 Union Street,
Entity Address, City or Town Rockland,
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02370
NASDAQ/NGS (GLOBAL SELECT MARKET) [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, $.01 par value per share
Trading Symbol INDB
Security Exchange Name NASDAQ
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