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Last $46.89 USD
Change Today +0.12 / 0.26%
Volume 80.2K
INDB On Other Exchanges
Symbol
Exchange
NASDAQ GS
As of 7:40 PM 06/30/15 All times are local (Market data is delayed by at least 15 minutes).

independent bank corp/ma (INDB) Snapshot

Open
$47.39
Previous Close
$46.77
Day High
$47.58
Day Low
$46.67
52 Week High
06/23/15 - $49.28
52 Week Low
08/7/14 - $35.00
Market Cap
1.2B
Average Volume 10 Days
118.1K
EPS TTM
$2.60
Shares Outstanding
26.1M
EX-Date
06/25/15
P/E TM
18.1x
Dividend
$1.04
Dividend Yield
2.13%
Current Stock Chart for INDEPENDENT BANK CORP/MA (INDB)

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independent bank corp/ma (INDB) Details

Independent Bank Corp. operates as the holding company for Rockland Trust Company that provides banking products and services primarily to small-to-medium sized businesses and individuals in Massachusetts. Its deposit products include demand deposits, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit. The company’s loan product portfolio comprises commercial loans, such as commercial and industrial loans, asset-based loans, commercial real estate loans, commercial construction loans, and small business loans; and consumer loans, including residential real estate loans, home equity loans and lines, installment loans, overdraft protection, education loans, auto loans, unsecured loans, and loans secured by deposit accounts, as well as loans to purchase or refinance automobiles, motorcycles, boats, or recreational vehicles. It also provides Internet and mobile banking services; insurance services; and investment management and trust services to individuals, institutions, small businesses, and charitable institutions. The company operates through 75 full service and 3 limited service retail branches, 11 commercial banking centers, 5 investment management offices, and 3 mortgage lending centers in Eastern Massachusetts; and an investment management group/commercial lending office in Rhode Island. Independent Bank Corp. was founded in 1907 and is headquartered in Rockland, Massachusetts.

980 Employees
Last Reported Date: 02/27/15
Founded in 1907

independent bank corp/ma (INDB) Top Compensated Officers

Chief Executive Officer, President, Director,...
Total Annual Compensation: $659.2K
Chief Financial Officer, Treasurer, Chief Fin...
Total Annual Compensation: $277.4K
Executive Vice President of Commercial Lendin...
Total Annual Compensation: $359.4K
Executive Vice President and Director of Reta...
Total Annual Compensation: $289.7K
Compensation as of Fiscal Year 2014.

independent bank corp/ma (INDB) Key Developments

Independent Bank Corp. Announces Quarterly Dividend, Payable on July 10, 2015

The Board of Directors of Independent Bank Corp. announced a $0.26 per share dividend which will be payable on July 10, 2015, to stockholders of record as of the close of business on June 29, 2015.

Independent Bank Corp. Approves Amendments to the Articles of Organization and By-Laws

Independent Bank Corp. announced at the AGM held on May 21, 2015, it has approved amendments to the company's Articles of Organization and By-Laws to implement a majority voting standard for Directors in uncontested elections.

Independent Bank Corp. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Net Charge-Offs for the First Quarter Ended March 31, 2015; Reaffirms Earnings Guidance for 2015

Independent Bank Corp. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net interest income of $51.249 million compared to $47.606 million a year ago. Income before income taxes was $13.329 million compared to $18.733 million a year ago. Net income was $9.460 million or $0.38 per basic and diluted share compared to $13.383 million or $0.56 per basic and diluted share a year ago. The decrease in the company’s earnings was largely attributable to merger and acquisition costs of $6.3 million, net of tax, recognized during the first quarter, relating to the February 20, 2015 acquisition of Peoples Federal Bancshares Inc. Net operating earnings were $15.819 million or $0.63 per diluted share compared to $12.120 million or $0.51 per diluted share a year ago. Return on average assets was 0.58% against 0.88% a year ago. Return on average common equity was 5.58% against 9.02% a year ago. Book value per common share was $28.05 against $25.23 a year ago. Tangible book value per common share was $19.82 against $17.61 a year ago. The net interest margin increased by 8 basis points to 3.5% during the quarter as it benefited from the deployment of liquidity and higher loan yields, which were enhanced by about 5 basis points due to accretion related to the early payoff of some acquired loans. For the quarter, total net charge-offs declined to $85,000, or 0.01% of average loans on an annualized basis, compared to 0.13% for the quarter ending December 31, 2014. The company reaffirmed 2015 operating diluted earnings per share guidance of between $2.63 and $2.73. With minimal net charge-offs in the first quarter, the company is reducing full year guidance for net charge-offs and loan loss provision to $5 million to $8 million and $7 million to $10 million, respectively. With an inflated net interest margin in the first quarter, the company now expect the full year net interest margin to be in the low 3.40s versus the high 3.30s as originally anticipated.

 

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Industry Analysis

INDB

Industry Average

Valuation INDB Industry Range
Price/Earnings 20.3x
Price/Sales 4.4x
Price/Book 1.7x
Price/Cash Flow 21.9x
TEV/Sales 2.4x
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