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INDEP BK MASS   FYE=12 (December)

Annual - Income Statement - Company Specific

Fiscal period2024202320222021202020192018201720162015
Period End Date12/31/202412/31/202312/31/202212/31/202112/31/202012/31/201912/31/201812/31/201712/31/201612/31/2015
Interest on loans held for sale0.710.190.170.861.220.890.160.090.240.23
Interest on loans789.27730.01577.92381.43369.84411.46294.29253.13224.24214.72
Interest and dividends on securities--------------------
Taxable Interest and Dividends on Securities57.0960.3450.3530.4830.1332.4126.5122.4720.8520.12
Non-taxable Interest and Dividends on Securities0.010.010.010.020.040.050.060.090.120.13
Interest on federal funds sold and short-term investments5.675.1914.392.490.852.212.681.421.190.35
Total interest and dividend income852.75795.73642.84415.28402.07447.01323.70277.19246.64235.55
Interest on deposits246.96144.7524.658.3327.3341.1920.0012.7011.1411.58
Interest on borrowings44.0644.454.945.397.0112.695.545.637.659.04
Total Interest Expense291.02189.2129.5913.7234.3453.8825.5418.3318.7920.62
Net Interest Income561.73606.52613.25401.56367.73393.14298.17258.86227.84214.93
Provision For Loan/Credit Losses36.2523.256.5018.2152.506.004.782.956.081.50
Net interest income after provision for loan losses525.48583.27606.75383.35315.23387.14293.39255.91221.77213.43
Investment Management Services42.7440.1936.8335.3129.4328.7226.1623.8021.8120.74
Service charges on deposit accounts26.4623.4923.3716.7515.1220.0418.3317.8218.0918.08
Net Loss/Gain on Sales of Securities--------------0.020.010.02
Loss on Write-Down of Certain Investments to Fair Value--------------------
Gross Change on OTTI Securities--------------------
Less:Portion of OTTI Losses Recognized in OCI--------------------
Gain on sales of fixed income securities------------------0.80
Mortgage banking income, net4.142.333.5213.2818.9511.454.074.966.615.16
Interchange and ATM Fees19.0618.1116.2512.9915.8322.1518.9217.2916.2114.73
Financial Services:Other non-interest income24.9627.0122.7917.5815.6421.0013.1411.149.478.84
Bank owned life insurance income8.097.877.696.435.365.014.064.134.093.69
Gain on extinguishment of debt--------------------
Gain on Branch Sale--------------------
Gain Resulting From Early Termination of Hedging Relationship--------------------
Proceeds from Life Insurance Policies--------------------
Loan Level Derivative Income2.123.332.933.2610.066.482.373.846.163.83
Gain on life insurance benefits0.462.291.290.261.040.431.46------
Total Non-Interest Income128.01124.61114.67105.85111.44115.2988.5182.9982.4375.89
Salaries and employee benefits233.65222.14204.71172.59152.46149.17124.33116.60108.64105.07
Advertising expense------4.094.265.444.944.995.204.65
Occupancy and equipment expenses52.0750.5849.8436.2737.0533.2127.1024.6922.8723.02
FDIC assessment10.8911.956.953.982.521.392.773.073.383.98
Goodwill amortization--------------------
Core deposit amortization----7.66--5.80----------
Intangible assets amortization5.916.88--5.72--5.55--------
Merger and Acquisition Expense1.900.007.1040.840.0026.4311.173.395.4610.50
Impairment Charge--------4.16----------
Minority interest expense--------------------
Loss on extinguishment of debt----------------0.44--
Data Processing and Facilities Management9.969.889.326.906.276.525.134.994.984.63
Telephone Expense--------------------
Consulting Expense7.138.959.628.275.995.453.894.043.493.68
Recovery on WorldCom Bond Claim--------------------
Other Non-Interest Expenses60.0860.2459.8440.6046.3439.9839.0135.5137.6537.94
Prepayment Penalty on Borrowings--------------------
Legal fees--------------------
Software maintenance18.1513.1210.968.157.265.514.203.64----
Other Losses and Charge-Offs--------------------
Debit card expense6.639.007.675.14--4.223.433.43--2.46
Loss on termination of derivatives--------0.68----------
Loss on sale of fixed income securities------------------1.12
Loss on sale of equity securities--------1.031.46--0.020.030.10
Total Non-Interest expense406.37392.75373.66332.53273.83284.32225.97204.36192.12197.14
Income Before Income Taxes247.13315.13347.75156.68152.84218.11155.93134.55112.0892.18
Provision for income taxes55.0575.6383.9435.6831.6752.9334.3047.3435.4327.22
Current expense:Federal47.83--60.2221.54--27.9825.1328.8526.5511.95
Current expense:State17.82--24.9811.05--14.3613.679.288.885.05
Change in valuation allowance--------------------
Deferred (Benefit) Expense:Federal(7.67)--(0.97)3.03--9.08(3.08)7.950.158.47
Deferred (Benefit) Expense:State(2.93)--(0.28)0.06--1.51(1.42)1.26(0.16)1.75
Net Income192.08239.50263.81120.99121.17165.18121.6287.2076.6564.96
Preferred stock dividend--------------------
Trust preferred issuance costs write-off after tax--------------------
Net Income (Loss) Available to Common Shareholders192.08239.50263.81120.99121.17165.18121.6287.2076.6564.96
Basic earnings per share4.525.425.693.473.645.034.413.192.902.51
Diluted earnings per share4.525.425.693.473.645.034.403.192.902.50
Weighted Average Shares Outstanding (Basic)42.5044.1846.3734.8733.2632.8127.5927.2926.4025.89
Weighted Average Shares Outstanding (Diluted)42.5144.1946.3934.8933.2932.8627.6527.3726.4625.96