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Independent Bank
Independent Bank (INDB) investor relations material
Independent Bank Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary23 Jan, 2026
Executive summary
Fourth quarter 2025 results showed strong profitability, with operating EPS of $1.70, robust NIM expansion, and successful integration of the Enterprise acquisition, resulting in high employee and deposit retention.
Maintained a strong balance sheet, prudent risk management, and significant capital buffer, positioning for continued growth in attractive markets.
Organic growth in non-time deposits reached 4.2% for 2025, and wealth management AUA remained stable at $9.2 billion.
$164 million was returned to shareholders in 2025, including $61 million in share repurchases.
Financial highlights
Q4 2025 GAAP net income was $75.3 million; operating net income was $84.4 million; diluted EPS was $1.52; operating EPS was $1.70; ROAA was 1.20% (GAAP) and 1.34% (operating); ROTCE was 12.77% (GAAP) and 14.30% (operating).
Net interest income rose to $212.5 million; reported NIM increased 15 bps to 3.77%; adjusted NIM up 10 bps to 3.64%.
Tangible book value per share increased $1.04 to $47.55 at year-end.
Noninterest income grew 2.6% to $41.4 million; noninterest expense fell 4.0% to $154.4 million.
Repurchased 548,000 shares for $37.5 million in Q4 2025.
Outlook and guidance
2026 Q4 targets: ROAA of 1.4% and ROTCE of 15%.
C&I loan growth targeted at mid-single digits; CRE/construction at low single digits; consumer loans flat to low single digits.
Core deposit growth expected in low- to mid-single digits; time deposits flat or slightly lower.
NIM projected to expand to 3.85%-3.90% by Q4 2026, assuming two Fed rate cuts.
Operating expenses for 2026 estimated at $550M-$555M, plus $4M-$5M in one-time core system upgrade costs.
Enterprise acquisition's ongoing impact?
Loan portfolio quality and growth strategy?
Deposit cost trends and funding strategy?
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Next Independent Bank earnings date
Q1 202616 Apr, 2026
Independent Bank
Next Independent Bank earnings date
Q1 202616 Apr, 2026
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Frequently asked questions
Independent Bank Corp. is a bank holding company that operates through its subsidiary, Rockland Trust Company. Rockland Trust provides a wide range of banking, investment, and trust services to individuals, businesses, and institutions. Its offerings include personal and business banking products, such as checking and savings accounts, mortgages, commercial loans, and cash management services. Additionally, the bank provides investment management and trust services for its clients. The company primarily serves customers in Massachusetts and parts of Rhode Island, with a network of branches and ATMs across the region. Independent Bank Corp. is headquartered in Rockland, Massachusetts, and its shares are listed on the NASDAQ.
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