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INDEP BK MASS   FYE=12 (December)

Annual - Income Statement - Company Specific

Fiscal period2022202120202019201820172016201520142013
Period End Date12/31/202212/31/202112/31/202012/31/201912/31/201812/31/201712/31/201612/31/201512/31/201412/31/2013
Interest on loans held for sale0.170.861.220.890.160.090.240.230.410.77
Interest on loans577.92381.43369.84411.46294.29253.13224.24214.72197.02189.75
Interest and dividends on securities--------------------
Taxable Interest and Dividends on Securities50.3530.4830.1332.4126.5122.4720.8520.1218.6115.14
Non-taxable Interest and Dividends on Securities0.010.020.040.050.060.090.120.130.140.06
Interest on federal funds sold and short-term investments14.392.490.852.212.681.421.190.350.280.20
Total interest and dividend income642.84415.28402.07447.01323.70277.19246.64235.55216.46205.91
Interest on deposits24.658.3327.3341.1920.0012.7011.1411.5811.0410.62
Interest on borrowings4.945.397.0112.695.545.637.659.049.3812.71
Total Interest Expense29.5913.7234.3453.8825.5418.3318.7920.6220.4223.34
Net Interest Income613.25401.56367.73393.14298.17258.86227.84214.93196.04182.58
Provision for loan losses6.5018.2152.506.004.782.956.081.5010.4010.20
Provision For Loan/Credit Losses--------------------
Net interest income after provision for loan losses606.75383.35315.23387.14293.39255.91221.77213.43185.64172.38
Investment Management Services36.8335.3129.4328.7226.1623.8021.8120.7419.6416.83
Service charges on deposit accounts23.3716.7515.1220.0418.3317.8218.6518.5618.0717.94
Net Loss/Gain on Sales of Securities--------------0.020.09(0.03)
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--------------0.800.120.26
Mortgage banking income, net3.5213.2818.9511.454.074.966.615.163.386.73
Interchange and ATM Fees16.2512.9915.8322.1518.9217.2916.2114.7312.9810.88
Financial Services:Other non-interest income22.7917.5815.6421.0013.1411.168.918.368.107.73
Bank owned life insurance income7.696.435.365.014.064.134.093.693.133.23
Gain on extinguishment of debt------------------0.76
Gain on Branch Sale--------------------
Gain Resulting From Early Termination of Hedging Relationship--------------------
Proceeds from Life Insurance Policies--------------------
Loan Level Derivative Income2.933.2610.066.482.373.846.163.832.483.44
Gain on life insurance benefits1.290.261.040.431.46------1.960.23
Total Non-Interest Income114.67105.85111.44115.2988.5182.9982.4375.8969.9468.01
Salaries and employee benefits204.71172.59152.46149.17124.33116.60108.64105.0794.0489.89
Advertising expense------5.444.944.995.204.653.864.28
Occupancy and equipment expenses49.8436.2737.0533.2127.1024.6922.8723.0221.8219.65
FDIC assessment6.953.982.521.392.773.073.383.983.773.58
Goodwill amortization--------------------
Core deposit amortization7.665.726.14--2.34----------
Intangible assets amortization------6.38--2.71--------
Merger and Acquisition Expense7.1040.840.0026.4311.173.395.4610.501.348.69
Impairment Charge----4.16--------------
Minority interest expense--------------------
Loss on extinguishment of debt------------0.440.12----
Data Processing and Facilities Management9.326.906.276.525.134.994.984.634.774.75
Telephone Expense--------------------
Consulting Expense9.628.275.995.453.894.043.493.682.923.32
Recovery on WorldCom Bond Claim--------------------
Other Non-Interest Expenses59.8444.6845.9039.1440.1032.8131.6335.0539.3036.50
Special Charges--------------------
Prepayment Penalty on Borrowings--------------------
Legal fees--------------------
Software maintenance10.968.157.265.514.203.643.062.76----
Other Losses and Charge-Offs--------------------
Debit card expense7.675.144.374.22--3.432.992.46--2.99
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 expense373.66332.53273.83284.32225.97204.36192.12197.14171.84173.65
Income Before Income Taxes347.75156.68152.84218.11155.93134.55112.0892.1883.7466.74
Provision for income taxes83.9435.6831.6752.9334.3047.3435.4327.2223.9016.48
Current expense:Federal60.2221.5432.1727.98--28.8526.5511.9514.719.57
Current expense:State24.9811.0517.0014.36--9.288.885.056.354.36
Change in valuation allowance--------------------
Deferred (Benefit) Expense:Federal(0.97)3.03(10.87)9.08--7.950.158.472.881.60
Deferred (Benefit) Expense:State(0.28)0.06(6.63)1.51--1.26(0.16)1.75(0.04)0.96
Net Income263.81120.99121.17165.18121.6287.2076.6564.9659.8550.25
Preferred stock dividend--------------------
Trust preferred issuance costs write-off after tax--------------------
Net Income (Loss) Available to Common Shareholders263.81120.99121.17165.18121.6287.2076.6564.9659.8550.25
Basic earnings per share5.693.473.645.034.413.192.902.512.502.18
Diluted earnings per share5.693.473.645.034.403.192.902.502.492.18
Weighted Average Shares Outstanding (Basic)46.3734.8733.2632.8127.5927.2926.4025.8923.9023.01
Weighted Average Shares Outstanding (Diluted)46.3934.8933.2932.8627.6527.3726.4625.9623.9923.09