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INDEP BK MASS   FYE=12 (December)

Annual - Income Statement - Company Specific

Fiscal period2021202020192018201720162015201420132012
Period End Date12/31/202112/31/202012/31/201912/31/201812/31/201712/31/201612/31/201512/31/201412/31/201312/31/2012
Interest on loans held for sale0.861.220.890.160.090.240.230.410.770.99
Interest on loans381.43369.84411.46294.29253.13224.24214.72197.02189.75178.31
Interest and dividends on securities--------------------
Taxable Interest and Dividends on Securities30.4830.1332.4126.5122.4720.8520.1218.6115.1416.68
Non-taxable Interest and Dividends on Securities0.020.040.050.060.090.120.130.140.060.08
Interest on federal funds sold and short-term investments2.490.852.212.681.421.190.350.280.200.13
Total interest and dividend income415.28402.07447.01323.70277.19246.64235.55216.46205.91196.19
Interest on deposits8.3327.3341.1920.0012.7011.1411.5811.0410.6210.70
Interest on borrowings5.397.0112.695.545.637.659.049.3812.7112.69
Total Interest Expense13.7234.3453.8825.5418.3318.7920.6220.4223.3423.39
Net Interest Income401.56367.73393.14298.17258.86227.84214.93196.04182.58172.80
Provision for loan losses18.2152.506.004.782.956.081.5010.4010.20--
Provision For Loan/Credit Losses------------------18.06
Net interest income after provision for loan losses383.35315.23387.14293.39255.91221.77213.43185.64172.38154.74
Investment Management Services35.3129.4328.7226.1623.8021.8120.7419.6416.8314.78
Service charges on deposit accounts16.7515.1220.0418.3317.8218.6518.5618.0717.9415.93
Net Loss/Gain on Sales of Securities------------0.020.09(0.03)0.11
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------------0.800.120.260.01
Mortgage banking income, net13.2818.9511.454.074.966.615.163.386.736.50
Interchange and ATM Fees12.9915.8322.1518.9217.2916.2114.7312.9810.889.78
Financial Services:Other non-interest income17.5815.6421.0013.1411.168.918.368.107.737.03
Bank owned life insurance income6.435.365.014.064.134.093.693.133.233.11
Gain on extinguishment of debt----------------0.760.00
Gain on Branch Sale--------------------
Gain Resulting From Early Termination of Hedging Relationship--------------------
Proceeds from Life Insurance Policies--------------------
Loan Level Derivative Income3.2610.066.482.373.846.163.832.483.443.46
Gain on life insurance benefits0.261.040.431.46------1.960.231.31
Total Non-Interest Income105.85111.44115.2988.5182.9982.4375.8969.9468.0162.02
Salaries and employee benefits172.59152.46149.17124.33116.60108.64105.0794.0489.8984.01
Advertising expense4.094.265.444.944.995.204.653.864.283.95
Occupancy and equipment expenses36.2737.0533.2127.1024.6922.8723.0221.8219.6517.31
FDIC assessment3.982.521.392.773.073.383.983.773.583.23
Goodwill amortization------------------2.23
Core deposit amortization------2.34------------
Intangible assets amortization5.726.146.38--2.71----------
Merger and Acquisition Expense40.84--26.4311.173.395.4610.501.348.696.74
Impairment Charge--4.16----------------
Minority interest expense--------------------
Loss on extinguishment of debt----------0.440.12------
Data Processing and Facilities Management6.906.276.525.134.994.984.634.774.754.64
Telephone Expense--------------------
Consulting Expense8.275.995.453.894.043.493.682.923.322.80
Recovery on WorldCom Bond Claim--------------------
Other Non-Interest Expenses40.6041.6439.1440.1032.8131.6335.0539.3036.5032.03
Special Charges--------------------
Prepayment Penalty on Borrowings------------------0.01
Legal fees--------------------
Software maintenance8.157.265.514.203.643.062.76------
Other Losses and Charge-Offs--------------------
Debit card expense5.144.374.22--3.432.992.46--2.992.51
Loss on termination of derivatives--0.68----------------
Loss on sale of fixed income securities----1.46------1.120.02----
Loss on sale of equity securities--1.03--------0.10------
Total Non-Interest expense332.53273.83284.32225.97204.36192.12197.14171.84173.65159.46
Income Before Income Taxes156.68152.84218.11155.93134.55112.0892.1883.7466.7457.30
Provision for income taxes35.6831.6752.9334.3047.3435.4327.2223.9016.4814.67
Current expense:Federal21.5432.1727.98--28.8526.5511.9514.719.5711.93
Current expense:State11.0517.0014.36--9.288.885.056.354.364.66
Change in valuation allowance--------------------
Deferred (Benefit) Expense:Federal3.03(10.87)9.08--7.950.158.472.881.60(1.18)
Deferred (Benefit) Expense:State0.06(6.63)1.51--1.26(0.16)1.75(0.04)0.96(0.74)
Net Income120.99121.17165.18121.6287.2076.6564.9659.8550.2542.63
Preferred stock dividend--------------------
Trust preferred issuance costs write-off after tax--------------------
Net Income (Loss) Available to Common Shareholders120.99121.17165.18121.6287.2076.6564.9659.8550.2542.63
Basic earnings per share3.473.645.034.413.192.902.512.502.181.96
Diluted earnings per share3.473.645.034.403.192.902.502.492.181.95
Weighted Average Shares Outstanding (Basic)34.8733.2632.8127.5927.2926.4025.8923.9023.0121.78
Weighted Average Shares Outstanding (Diluted)34.8933.2932.8627.6527.3726.4625.9623.9923.0921.81