Start here if you're new
what it is
Independent Bank runs Rockland Trust, which takes your deposits, makes loans, and manages money across Massachusetts and nearby states.
how it gets paid
Last year Independent Bank Ma made $1.0B in revenue.
why it's growing
Revenue grew 19.9% last year. The quiet part out loud: the quarter was boosted by acquisition math.
what just happened
Latest quarterly revenue hit $725 million, up 146% vs. prior year, while reported EPS reached $2.88.
At a glance
B+ balance sheet — decent shape, but not bulletproof
75/100 earnings predictability — reasonably predictable
18.6x trailing p/e — priced about right
3.2% dividend yield — cash in your pocket every quarter
$4.52 fy2024 eps est
xvary composite: 58/100 — below average
What they do
Independent Bank runs Rockland Trust, which takes your deposits, makes loans, and manages money across Massachusetts and nearby states.
Banking moat (sticky funding → cheap money to lend → better profits) starts with relationships, not apps. INDB has $20.3 billion of deposits, which is more than 5 times its roughly $4 billion market cap, and 1837 employees keeping customers tied to branches, loans, and advice. If your checking account, mortgage, and wealth manager all sit inside Rockland Trust, leaving is paperwork.
How they make money
$1.0B
annual revenue · their business grew +19.9% last year
total revenue
$1.0B
+19.9%
The products that matter
business loans and credit
commercial lending
$212.5M quarterly net interest income
this is the core engine. it produced $212.5M in net interest income last quarter, which tells you most of the bank still rises and falls with lending spreads.
core profit driver
home loans and loan sales
mortgage banking
$2.3M gains on sale
gains on sale rose to $2.3M from $1.4M. that's better, but it is still small next to the main lending franchise. useful around the edges. not the whole bank.
rate-sensitive
consumer payments and retention tools
one wallet & zelle
no segment revenue disclosed
the data here is thin, which is the point. these tools matter because regional banks need fewer reasons for customers to leave, but they are not yet a disclosed earnings driver.
customer stickiness
Key numbers
$20.3B
total deposits
This is your funding base. In plain English, it is the raw material the bank uses to make loans and money.
18.6x
trailing p/e
You are paying 18.6 times trailing earnings for a regional bank, which is rich against INDB's recent EPS decline from $5.69 to $4.52.
3.2%
dividend yield
You are getting paid while you wait, but a 3.2% yield does not rescue you from bad credit or expensive deposits.
$701M
long-term debt
Debt is 16% of capital, which is manageable, but banks do not need huge leverage mistakes to create large equity pain.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 60 / 100
- long-term debt $701M (16% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for INDB right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest quarterly revenue hit $725 million, up 146% vs. prior year, while reported EPS reached $2.88.
The quiet part out loud: the quarter was boosted by acquisition math. Provided figures also use different profit definitions, with web-sourced company commentary citing operating EPS of $1.70, about 2.8% above consensus, versus the provided EDGAR summary showing $2.88 EPS.
$250M
revenue
$2.88
eps
n/a
n/a
the number that mattered
$725 million matters most because banks do not usually post 146% revenue growth without a deal changing the size of the business.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Enterprise Bancorp integration while CEO Jeffrey Tengel undergoes lymphoma treatment.
high
CEO health and leadership continuity
CEO Jeffrey Tengel disclosed a lymphoma diagnosis on March 4, 2026 and said he plans to continue working during treatment.
you usually do not want key-person risk showing up while a $503.1M bank deal is being integrated. that is the quiet part.
high
acquisition integration and cost-save delivery
the Enterprise Bancorp acquisition closed at $503.1M. management is targeting cost saves of about 30% of the acquired expense base in 2026.
if those savings slip, the planned path to a mid-teens return on tangible common equity starts looking optimistic instead of operational.
med
net interest margin pressure
adjusted net interest margin was 3.64% in Q4 2025. that number carries more weight than almost anything else on this page because net interest income is about 85% of revenue.
if deposit costs rise or loan yields soften, earnings pressure shows up fast. banks rarely get to hide from spread compression.
low
mortgage banking volatility
mortgage banking gains rose to $2.3M from $1.4M, but this line moves with rates and volume.
this probably does not break the thesis on its own. it just removes one of the few visible offsets if the core spread business slows.
that puts a $503.1M deal, a 5% buyback plan, and 85% of revenue tied to spread income in the same stress test.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
adjusted net interest margin
Q4 landed at 3.64%. if that number starts slipping while integration costs stay elevated, the earnings story gets much less forgiving.
calendar
Q1 2026 earnings report
expected on or around april 23, 2026. consensus EPS is $1.69. you want to see whether the beat cadence continues after the last quarter's surprise.
capital return
2026 share buyback execution
management said it plans to buy back roughly 5% of shares this year. announcing that is easy. retiring the shares is the proof beat.
integration
Enterprise deal cost saves
the target is about 30% of the acquired expense base in 2026. that is the number behind the mid-teens return target.
Analyst rankings
earnings predictability
75 / 100
in human-speak, analysts see a fairly steady earnings profile. that fits a regional bank — until integration or margin pressure interrupts the pattern.
valuation
18.6x
you're paying $18.60 for every $1 of trailing earnings. that is not a bargain when the bank is still proving the Enterprise integration math.
income
3.2%
the yield gives you cash while management executes. if the payout stalls, the stock has to do more of the work on its own.
source: institutional data
Institutional activity
institutional ownership data for INDB is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$76
current price
n/a
target midpoint · n/a from current
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