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Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

The following table provides the “Compensation Actually Paid,” as defined by the SEC rules (sometimes referred to below as “CAP”), to the CEO and the average compensation paid to the Company’s other named non-CEO executive officers (“Other NEOs”), along with the Company’s Total Shareholder Return (“TSR”), peer group TSR, Net Income and Return on Average Tangible Common Equity (ROATCE) for the years indicated.

Company Selected Measure Name

ROATCE

Named Executive Officers, Footnote

For 2023, Mr. Ruggiero, Mr. Nadeau, Ms. Harris, Mr. Rizzo and Mr. Jensen are included in the “Non-CEO NEOs” columns. For 2022, Mr. Ruggiero, Robert Cozzone, the Company’s former Chief Operating Officer, Mr. Jensen and Mr. Nadeau are included in the “Non-CEO NEOs” columns.For 2021 and 2020, Mr. Ruggiero, Mr. Cozzone, Mr. Nadeau and Edward Seksay, the Company’s former General Counsel, are included in the “Non-CEO NEOs” columns.

Peer Group Issuers, Footnote

(4) The Peer Group TSR set forth in this table utilizes the KBW NASDAQ Bank Index, Peer Group 1, (assuming reinvestment of all dividends) and the KBW NASDAQ Regional Banking Index, Peer Group 2, (assuming reinvestment of all dividends), which we also utilize in the Total Return Performance Graph in Item 5. of the Company’s Form 10-K for the year ended December 31, 2023. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the company and in the KBW NASDAQ Bank Index and the KBW NASDAQ Regional Banking Index, respectively, and assumes reinvestment of all dividends. Historical stock performance is not necessarily indicative of future stock performance.

Adjustment To PEO Compensation, Footnote

Details of the adjustments from the Summary Compensation to CAP are below, for the years indicated:


	2023
Adjustments	Former CEO Christopher Oddleifson		Current CEO Jeffrey Tengel		Average non-CEO NEOs
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable Fiscal Year ("FY")	$	(804,577)	$	—	$	(52,416)
Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans	323,112		—		15,701
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY	—		(2,008,786)		(249,193)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End	—		1,994,222		249,699
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End	(159,002)		—		(82,662)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date	—		—		2,566
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date	(153,164)		—		(21,842)
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that failed to meet the applicable vesting conditions during Applicable FY, determined as of Prior FY End	(1,163,854)		—		(86,380)
Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date	—		—		—
Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY	—		—		—
Total Adjustments	$	(1,957,485)	$	(14,564)	$	(224,527)


	2022
Adjustments	Former CEO Christopher Oddleifson		Average non-CEO NEOs
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY	$	—	$	—
Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans	397,084		22,880
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY	(711,438)		(251,968)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End	993,698		350,966
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End	63,357		18,830
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date	—		—
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date	20,160		5,663
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that failed to meet the applicable vesting conditions during Applicable FY, determined as of Prior FY End	(240,853)		(60,213)
Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date	—		—
Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY	—		—
Total Adjustments	$	522,008	$	86,158


	2021
Adjustments	Former CEO Christopher Oddleifson		Average non-CEO NEOs
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY	$	(155,087)	$	(9,113)
Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans	449,226		55,598
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY	(822,517)		(253,712)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End	926,671		285,758
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End	193,722		55,349
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date	—		—
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date	185,412		46,579
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that failed to meet the applicable vesting conditions during Applicable FY, determined as of Prior FY End	(67,264)		(16,274)
Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date	—		—
Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY	—		—
Total Adjustments	$	710,163	$	164,185

Non-PEO NEO Average Total Compensation Amount

$ 1,129,125

$ 1,246,097

$ 1,049,623

$ 1,046,532

Non-PEO NEO Average Compensation Actually Paid Amount

$ 904,598

1,332,255

1,213,808

810,875

Adjustment to Non-PEO NEO Compensation Footnote

Details of the adjustments from the Summary Compensation to CAP are below, for the years indicated:


	2023
Adjustments	Former CEO Christopher Oddleifson		Current CEO Jeffrey Tengel		Average non-CEO NEOs
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable Fiscal Year ("FY")	$	(804,577)	$	—	$	(52,416)
Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans	323,112		—		15,701
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY	—		(2,008,786)		(249,193)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End	—		1,994,222		249,699
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End	(159,002)		—		(82,662)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date	—		—		2,566
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date	(153,164)		—		(21,842)
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that failed to meet the applicable vesting conditions during Applicable FY, determined as of Prior FY End	(1,163,854)		—		(86,380)
Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date	—		—		—
Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY	—		—		—
Total Adjustments	$	(1,957,485)	$	(14,564)	$	(224,527)


	2022
Adjustments	Former CEO Christopher Oddleifson		Average non-CEO NEOs
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY	$	—	$	—
Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans	397,084		22,880
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY	(711,438)		(251,968)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End	993,698		350,966
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End	63,357		18,830
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date	—		—
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date	20,160		5,663
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that failed to meet the applicable vesting conditions during Applicable FY, determined as of Prior FY End	(240,853)		(60,213)
Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date	—		—
Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY	—		—
Total Adjustments	$	522,008	$	86,158


	2021
Adjustments	Former CEO Christopher Oddleifson		Average non-CEO NEOs
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY	$	(155,087)	$	(9,113)
Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans	449,226		55,598
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY	(822,517)		(253,712)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End	926,671		285,758
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End	193,722		55,349
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date	—		—
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date	185,412		46,579
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that failed to meet the applicable vesting conditions during Applicable FY, determined as of Prior FY End	(67,264)		(16,274)
Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date	—		—
Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY	—		—
Total Adjustments	$	710,163	$	164,185

Compensation Actually Paid vs. Total Shareholder Return

The following table summarizes the relationship between CEO CAP and average Other NEO CAP versus the Company’s cumulative TSR and the relationship between the Company’s cumulative TSR and peer group cumulative TSR for each year presented:

Compensation Actually Paid vs. Net Income

The following table summarizes the relationship between CEO CAP and average Other NEO CAP versus the Company’s net income for each year presented:

Compensation Actually Paid vs. Company Selected Measure

The following table summarizes the relationship between CEO CAP and average Other NEO CAP versus the Company’s ROATCE for each year presented:

Total Shareholder Return Vs Peer Group

Tabular List, Table


Tabular List of Most Important Financial Performance Measures
Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity)
Net operating earnings per share (Non-GAAP) (1) (net operating earnings calculated as net income less noncore items, such as merger and acquisition expenses)
Return on average assets (GAAP) (calculated by dividing net income by average assets)
Return on average common equity (GAAP) (calculated by dividing net income by average common equity)

Total Shareholder Return Amount

$ 89.11

109.82

103.36

90.38

Net Income (Loss)

$ 239,502,000

$ 263,813,000

$ 120,992,000

$ 121,167,000

Company Selected Measure Amount

0.1278

0.1387

0.0920

0.1038

Additional 402(v) Disclosure

(1) Please refer to the Company’s Annual Report on Form 10-K for a reconciliation of Net Operating Earnings to Net Income.

indb_KBW NASDAQ Bank Index PeerGroupTotalShareholderRtnAmt

$ 96.65

$ 97.52

$ 124.06

$ 89.69

indb_KBW NASDAQ Regional Banking Index PeerGroupTotalShareholderRtnAmt

$ 115.64

116.10

124.74

91.29

Measure:: 1

Pay vs Performance Disclosure

Name

Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity)

Measure:: 2

Pay vs Performance Disclosure

Name

Net operating earnings per share (Non-GAAP) (1) (net operating earnings calculated as net income less noncore items, such as merger and acquisition expenses)

Measure:: 3

Pay vs Performance Disclosure

Name

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

Measure:: 4

Pay vs Performance Disclosure

Name

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

INDB ChristopherOddleifsonMember [Member]

Pay vs Performance Disclosure

PEO Total Compensation Amount

$ 2,735,396