Independent Bank
Market Cap
US$2.4b
Last Updated
2019/08/19 23:38 UTC
Data Sources
Company Financials +
Executive Summary
Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts.
Snowflake
Fundamentals
Flawless balance sheet with reasonable growth potential and pays a dividend.
Similar Companies
Share Price & News
How has Independent Bank's share price performed over time and what events caused price changes?
Latest Share Price and Events
Market Performance
7 Day Return
-0.7%
NasdaqGS:INDB
-2.5%
US Banks
-0.7%
US Market
1 Year Return
-21.7%
NasdaqGS:INDB
-14.2%
US Banks
-0.5%
US Market
INDB underperformed the Banks industry which returned -14.2% over the past year.
INDB underperformed the Market in United States of America which returned -0.5% over the past year.
Share holder returns
| INDB | Industry | Market | |
|---|---|---|---|
| 7 Day | -0.7% | -2.5% | -0.7% |
| 30 Day | -4.8% | -6.1% | -3.0% |
| 90 Day | -8.9% | -3.8% | 0.9% |
| 1 Year | -20.0%-21.7% | -11.8%-14.2% | 1.7%-0.5% |
| 3 Year | 43.8%35.4% | 42.1%32.4% | 39.5%30.4% |
| 5 Year | 112.9%91.2% | 53.3%36.7% | 54.1%37.0% |
Price Volatility Vs. Market
How volatile is Independent Bank's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
Should We Worry About Independent Bank Corp.'s (NASDAQ:INDB) P/E Ratio?2 weeks ago | Simply Wall St
Our Take On Independent Bank Corp.'s (NASDAQ:INDB) CEO Salary1 month ago | Simply Wall St
Does Independent Bank (NASDAQ:INDB) Deserve A Spot On Your Watchlist?Valuation
Is Independent Bank undervalued based on future cash flows and its price relative to the stock market?
16.12x
Price to Earnings (PE) ratio
Intrinsic Value Based on Future Cash Flows
Independent Bank's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).
Independent Bank's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).
Price Based on Earnings
Independent Bank is overvalued based on earnings compared to the US Banks industry average.
Independent Bank is good value based on earnings compared to the United States of America market.
Price Based on Expected Growth
Independent Bank is good value based on expected growth next year.
Price Based on Value of Assets
Independent Bank is overvalued based on assets compared to the US Banks industry average.
Next Steps
Future Growth
How is Independent Bank expected to perform in the next 1 to 3 years based on estimates from 5 analysts?
23.3%
Forecasted annual earnings growth
Earnings and Revenue Growth Estimates
Future Annual Growth Analysis
Independent Bank's revenue is expected to grow by 9.6% yearly, however this is not considered high growth (20% yearly).
Independent Bank's earnings are expected to grow significantly at over 20% yearly.
Independent Bank's revenue growth is expected to exceed the United States of America market average.
Independent Bank's earnings growth is expected to exceed the United States of America market average.
Independent Bank's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Earnings per Share Growth Estimates
Future Return on Equity
Unable to establish if Independent Bank will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
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Past Performance
How has Independent Bank performed over the past 5 years?
18.1%
Historical annual earnings growth
Earnings and Revenue History
Past Earnings Growth Analysis
Independent Bank's year on year earnings growth rate has been positive over the past 5 years.
Independent Bank's 1-year earnings growth exceeds its 5-year average (23.2% vs 18.1%)
Independent Bank's earnings growth has not exceeded the US Banks industry average in the past year (23.2% vs 33.2%).
Return on Equity
Independent Bank has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
Return on Assets
Independent Bank used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
Return on Capital Employed
Unable to establish if Independent Bank improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
Next Steps
Financial Health
How is Independent Bank's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Information is not available.
Information is not available.
Financial Institutions Analysis
Independent Bank has an acceptable proportion of non-loan assets held.
Independent Bank has a sufficient allowance for bad loans.
Independent Bank's liabilities are made up of primarily low risk sources of funding.
Independent Bank's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
Loans at Independent Bank are broadly funded by customer deposits.
Independent Bank has an acceptable level of bad loans (less than 2%).
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Dividend
What is Independent Bank's current dividend yield, its reliability and sustainability?
2.44%
Expected Dividend Yield
Dividend Yield and Payments Analysis
Independent Bank's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).
Independent Bank's dividend is below the markets top 25% of dividend payers in United States of America (3.84%).
Dividends per share have been stable in the past 10 years.
Dividends per share have increased over the past 10 years.
Current Payout to Shareholders
Dividends paid are well covered by earnings (2.7x coverage).
Future Payout to Shareholders
Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
Next Steps
Management
What is the CEO of Independent Bank's salary, the management and board of directors tenure and is there insider trading?
4.2yrs
Average management tenure
CEO
Chris Oddleifson (60yo)
16.5yrs
Tenure
US$2,347,885
Compensation
Mr. Christopher Oddleifson, also known as Chris, is the Chief Executive Officer of Rockland Trust Company since 2003 and the President and Chief Executive Officer of its parent, Independent Bank Corp. Mr. ...
CEO Compensation Analysis
Chris's remuneration is lower than average for companies of similar size in United States of America.
Chris's compensation has been consistent with company performance over the past year, both up more than 20%.
Management Age and Tenure
4.2yrs
Average Tenure
57yo
Average Age
The tenure for the Independent Bank management team is about average.
Board Age and Tenure
10.3yrs
Average Tenure
62yo
Average Age
The average tenure for the Independent Bank board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Insider Trading
Independent Bank individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Role | Member of the Board of Directors Director |
| Shares | 1,780 |
| Max Price | US$72.94 |
| Entity | Individual |
| Role | Member of the Board of Directors Director |
| Shares | 4,000 |
| Max Price | US$80.55 |
| Entity | Individual |
| Role | Member of the Board of Directors Director |
| Shares | 1,215 |
| Max Price | US$80.27 |
| Entity | Individual |
| Role | Chairman of the Board Chairperson of the Board |
| Shares | 800 |
| Max Price | US$80.00 |
| Entity | Individual |
| Role | Chief Operating Officer Executive VP & COO |
| Shares | 3,205.51 |
| Max Price | US$81.01 |
| Entity | Individual |
| Role | Member of the Board of Directors Director |
| Shares | 2,500 |
| Max Price | US$81.69 |
| Entity | Individual |
| Role | Member of the Board of Directors Director |
| Shares | 2,000 |
| Max Price | US$80.37 |
| Entity | Individual |
| Role | Chief Executive Officer CEO, President & Director |
| Shares | 1,050 |
| Max Price | US$79.21 |
| Entity | Individual |
| Role | Chief Executive Officer CEO, President & Director |
| Shares | 1,500 |
| Max Price | US$77.99 |
| Entity | Individual |
| Role | Chief Financial Officer Senior VP |
| Shares | 100 |
| Max Price | US$79.20 |
Ownership Breakdown
Management Team
Ed Seksay (61yo)
General Counsel & Corporate Secretary
- Tenure: 19.1yrs
- Compensation: US$699.26k
Chris Oddleifson (60yo)
CEO, President & Director
- Tenure: 16.5yrs
- Compensation: US$2.35m
David Smith
Senior VP
- Tenure: 14.6yrs
Gerry Nadeau (61yo)
Director
- Tenure: 2.4yrs
- Compensation: US$1.07m
Rob Cozzone (48yo)
Executive VP & COO
- Tenure: 0.3yrs
- Compensation: US$1.02m
Barry Jensen (54yo)
Chief Technology Officer
- Tenure: 5.9yrs
- Compensation: US$655.88k
Mark Ruggiero (42yo)
Senior VP
- Tenure: 0.3yrs
Kathryn Robson
Chief Internal Auditor & Senior VP
- Tenure: 0.0yrs
Debra Smith
Senior VP & Director of Banking & Digital Operations - Rockland Trust Company
- Tenure: 2.2yrs
Meagan Silva
Executive Assistant
- Tenure: 0.0yrs
Board Members
Kevin Jones (68yo)
Director
- Tenure: 19.6yrs
- Compensation: US$153.62k
Brian Tedeschi (69yo)
Director
- Tenure: 39.6yrs
- Compensation: US$101.87k
Eileen Miskell (61yo)
Director
- Tenure: 14.3yrs
- Compensation: US$123.92k
Chris Oddleifson (60yo)
CEO, President & Director
- Tenure: 16.5yrs
- Compensation: US$2.35m
John Morrissey (52yo)
Director
- Tenure: 6.8yrs
Thomas Venables (64yo)
Director
- Tenure: 10.3yrs
- Compensation: US$109.87k
Daniel O'Brien (63yo)
Director
- Tenure: 10.3yrs
- Compensation: US$118.17k
Donna Abelli (61yo)
Chairperson of the Board
- Tenure: 7.4yrs
- Compensation: US$158.62k
Gerry Nadeau (61yo)
Director
- Tenure: 2.4yrs
- Compensation: US$1.07m
Fred Taw (69yo)
Director
- Tenure: 4.1yrs
- Compensation: US$100.00k
Company Information
Independent Bank Corp.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Independent Bank Corp.
- Ticker: INDB
- Exchange: NasdaqGS
- Founded: 1907
- Industry: Regional Banks
- Sector: Banks
- Market Cap: US$2.422b
- Shares outstanding: 34.37m
- Website: https://www.rocklandtrust.com
Number of Employees
Location
- Independent Bank Corp.
- 288 Union Street
- Rockland
- Massachusetts
- 2370
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| INDB | NasdaqGS (Nasdaq Global Select) | Yes | Common Stock | US | USD | May 1986 |
Biography
Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily i ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/08/19 23:38 |
| End of Day Share Price | 2019/08/19 00:00 |
| Earnings | 2019/06/30 |
| Annual Earnings | 2018/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.