At a glance
Independent Bank is worth $3.92B, about 19 times its fiscal 2025 earnings. Revenue grew 24.3% to $857.5M in fiscal 2025, with 23.9% kept as profit; over 5 years it has grown 12.3% a year. It pays a 3.03% dividend yield, raised every year for at least 4 years, and returned $875.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +25.1% over the past year with dividends reinvested and +3.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.4% in the 2020 crash (S&P 500: 33.7%) and 14.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 1 month after the lows.
The business in plain English
Independent Bank Corp., based in Rockland, Massachusetts, is a holding company (a parent company that owns a bank). Its sole business segment is Rockland Trust Company, a bank chartered in 1907. Rockland Trust runs over 150 retail branches, plus commercial and home lending centers and investment management offices, mostly in Eastern Massachusetts, Worcester County, southern New Hampshire and Rhode Island. As of December 31, 2025, the company had total assets of $24.9 billion and deposits of $20.1 billion. It acquired Enterprise Bancorp on July 1, 2025.
Like most banks, it earns most of its money from net interest income. That is the gap between the interest it collects on loans and securities and the interest it pays on deposits and borrowings. In fiscal 2025, net interest income came to $708.8 million of $857.5 million in total revenue. The other $148.7 million was noninterest income, which includes fees from services such as investment management.
Gross loans totaled $18.5 billion at December 31, 2025, or 74.3% of assets. Most went to small and upper-middle-market businesses and to consumers in its home region. Commercial loans were 76.1% of average loans in 2025 and produced 70.1% of interest income. Commercial real estate (loans on offices, shops, warehouses, apartments and similar property) is the largest concentration. Home mortgages and home equity loans made up 23.7% of average loans.
Price history
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INDB +25.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $253.3M, up 39.3% from a year earlier, and net income was $81.8M (+60.1%).
- For fiscal 2025, revenue was $857.5M (+24.3% year over year; +12.3% a year from FY2020 to FY2025) with a 23.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +12.3% good |
|---|---|
| Return on equity | 5.8% weak |
| Net income / revenue | 23.9% watch |
| Deposits | $20.39B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $479.2M | $121.2M | — |
| FY2021 | $507.4M | $121.0M | — |
| FY2022 | $727.9M | $263.8M | — |
| FY2023 | $731.1M | $239.5M | — |
| FY2024 | $689.7M | $192.1M | — |
| FY2025 | $857.5M | $205.1M | — |
Valuation snapshot
| Market value | $3.92B |
|---|---|
| P/E ratio | 18.6 |
| Dividend yield | 3.03% |
Rank among 1514 US companies
Market value at each year end
Independent Bank’s market value went from $1.85B at the end of 2016 to $3.92B on Oct 28, 2026, about 2.1 times as much; since the end of 2025 it is up 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.92B | +8.1% |
| 2025 | $3.62B | +32.8% |
| 2024 | $2.73B | -5.5% |
| 2023 | $2.89B | -25.1% |
| 2022 | $3.85B | +43.0% |
| 2021 | $2.69B | +11.9% |
| 2020 | $2.41B | -15.9% |
| 2019 | $2.86B | +44.9% |
| 2018 | $1.97B | +3.0% |
| 2017 | $1.92B | +3.3% |
| 2016 | $1.85B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| INDB price data to Oct 28, 2026 | +16.0% | +25.1% | +24.9% | +3.1% | +7.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +16.0% |
| 2025 | +17.9% |
| 2024 | +1.6% |
| 2023 | -18.9% |
| 2022 | +6.2% |
| 2021 | +14.3% |
| 2020 | -9.6% |
| 2019 | +21.1% |
| 2018 | +2.7% |
| 2017 | +1.5% |
| 2016 | +54.8% |
| 2015 | +11.2% |
| 2014 | +12.2% |
| 2013 | +38.5% |
| 2012 | +9.2% |
| 2011 | +4.0% |
| 2010 | +33.5% |
| 2009 | -17.2% |
| 2008 | -1.3% |
| 2007 | -22.7% |
| 2006 | +28.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 63.6% over that stretch · deepest drop along the way 66.4%, back to its old high 36.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 31.4% over that stretch · deepest drop along the way 32.4%, back to its old high 2.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 4.6% over that stretch · deepest drop along the way 14.8%, back to its old high 1.3 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 3 sales ($980K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 3, 2026 | Gerard F Nadeau Director | sell | $449K |
| Aug 25, 2026 | Thomas R Venables Director | sell | $311K |
| May 18, 2026 | Joseph C Lerner Director | sell | $219K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 6.86% | Mar 31, 2026 |
| Vanguard Capital Management | 5.31% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.1% | Mar 31, 2026 |
ETFs with the most weight in INDB
| QABA First Trust NASDAQ ABA Community Bank Index Fund | 1.39% |
| OASC OneAscent Small Cap Core ETF | 0.78% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.78% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.77% |
| SVAL iShares US Small Cap Value Factor ETF | 0.49% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.38% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.37% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.29% |
What could go wrong
- Heavy dependence on Massachusetts and New England. Substantially all loans are tied to Massachusetts and the broader New England area. A regional slump, job losses or falling property values would likely mean more loan losses than at a more diversified lender.
- Commercial real estate and office loans. Commercial real estate, including construction, is the bank's largest loan concentration. Hybrid work has reduced demand for large offices and may keep pushing down the value of office buildings that secure its loans.
- A heavy tilt toward business lending. Commercial loans were 76.1% of average loans in 2025. Repayment depends on borrowers' businesses or properties succeeding, and exposures can be large: the biggest borrower relationship totaled $168.8 million at the end of 2025.
- Absorbing the Enterprise Bancorp acquisition. The $503.1 million Enterprise deal closed July 1, 2025. Mergers can cost more or take longer than planned. If the benefits fall short, the bank could write down goodwill, the premium paid in deals.
- Interest rate swings. Most revenue is net interest income, the gap between what loans earn and what deposits cost. Rate moves can squeeze that gap, and rising rates lower the value of its investment securities, especially longer-dated ones.
- Bank-sector shocks and deposit competition. The 2023 bank failures hurt confidence in banks and weighed on this stock, which fell 18.9% that year. Online banks, credit unions and others compete hard for deposits, which can raise funding costs.
Recent events
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- Other company announcement
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- Other company announcement
- Investor presentation or announcement
- Shareholder vote results
- Other company announcement
For income and retirement investors
The company paid regular dividends of $2.36 per share in fiscal 2025, its fourth straight annual increase. From fiscal 2020 to 2025, regular dividends grew about 5.2% a year. The payout ratio (the share of earnings paid out as dividends) was 50.7% in 2025, and the dividend yield was 3.03% as of October 28, 2026. It also repurchased $420.7 million of stock in fiscal 2021 through 2025. Its share count still rose 43.3% between November 2021 and August 2026, partly because it issued 7.5 million shares for Enterprise Bancorp.
The share price has swung widely in past downturns. The shares dropped 66.4% in the 2008 financial crisis and took about 37 months to recover. In the 2020 COVID crash they fell 32.4% but recovered in about three months. In the 2022 bear market they fell 14.8% and recovered in just over a month. As a single stock, INDB carries more risk than a diversified fund.
Questions investors ask
How does Independent Bank Corp make money?
Mostly from lending. Through Rockland Trust, it takes in deposits and lends money to businesses and households, earning the difference between loan interest and its own funding costs. That net interest income was $708.8 million of $857.5 million in fiscal 2025 revenue. The other $148.7 million was noninterest income, including fees from investment management. Commercial loans, led by commercial real estate, were 76.1% of average loans in 2025. Net income was $205.1 million, a 5.8% return on equity (profit as a share of shareholders' capital).
Is Rockland Trust owned by Independent Bank Corp?
Yes. Independent Bank Corp. is the sole stockholder of Rockland Trust Company, a Massachusetts trust company chartered in 1907, and the bank is its only reported business segment. Rockland Trust runs over 150 retail branches, centered on Eastern Massachusetts, Worcester County and southern New Hampshire, and offers mobile, online and phone banking. As of December 31, 2025, the company had $24.9 billion in assets and $20.1 billion in deposits. Its shares trade on Nasdaq as INDB.
Does Independent Bank Corp raise its dividend every year?
It has for four straight years. Regular dividends rose in each of fiscal 2022 through 2025, reaching $2.36 per share, and grew about 5.2% a year from fiscal 2020 to 2025. Dividends used 50.7% of 2025 earnings, and the yield was 3.03% as of October 28, 2026. A four-year streak is short next to companies with decades of increases, so the record says little about how the dividend would hold up in a deep downturn.
When did Independent Bank Corp acquire Enterprise Bancorp?
The deal closed on July 1, 2025. For each share, Enterprise stockholders received 0.60 INDB shares plus $2.00 in cash, for total consideration of $503.1 million, mostly in stock. The company issued about 7.5 million new shares. Revenue rose 24.3% in fiscal 2025, with Enterprise included for the second half. In the quarter ended June 30, 2026, revenue was 39.3% higher and net income 60.1% higher than a year earlier, before the deal closed. Mergers also carry integration risk.
Is INDB stock risky?
Yes, in ways typical of a regional bank. Substantially all its loans are tied to Massachusetts and New England. Commercial real estate is its largest loan concentration, and that includes office buildings hurt by hybrid work. The shares fell 66.4% in the 2008 financial crisis and 18.9% in 2023, the year of several bank failures. Over the year to October 28, 2026, the stock's beta was 0.46. That means it moved less than half as much as the broad market on average.