Independent Bank Management
Management criteria checks 3/4
Independent Bank's CEO is Jeff Tengel, appointed in Feb 2023, has a tenure of 3.25 years. total yearly compensation is $3.61M, comprised of 30.4% salary and 69.6% bonuses, including company stock and options. directly owns 0.099% of the company’s shares, worth $3.78M. The average tenure of the management team and the board of directors is 3.2 years and 9.1 years respectively.
Key information
Jeff Tengel
Chief executive officer
US$3.6m
Total compensation
| CEO salary percentage | 30.42% |
| CEO tenure | 3.3yrs |
| CEO ownership | 0.1% |
| Management average tenure | 3.2yrs |
| Board average tenure | 9.1yrs |
Recent management updates
Recent updates
Narrative Update • May 17
INDB: Dividend And Buyback Support Will Drive Future Share Repricing
Independent Bank's refreshed analyst narrative centers on a modestly higher fair value estimate of about $90.57 per share, up from roughly $89.83, as analysts balance recent price target moves, including a $3 increase at one firm and a $2 cut at another, with updated assumptions around discount rates, profit margins, and future P/E expectations. Analyst Commentary Recent research on Independent Bank gives you a mixed but useful read on how professionals are thinking about the stock, with fresh targets and ratings feeding into the updated fair value estimate.Narrative Update • Apr 24
INDB: Dividend And Buyback Momentum Will Support Future Share Repricing
Independent Bank's updated analyst price target edges slightly lower to about $89.83, with analysts citing more tempered revenue growth expectations, a higher projected profit margin, and a reduced future P/E estimate as key drivers of the change. Analyst Commentary Recent research updates for Independent Bank reflect a mix of optimism and caution, with several firms adjusting ratings and price targets in both directions.Seeking Alpha • Apr 17
Independent Bank: Mixed Metrics In Q1, But A Dividend Boost
Summary Independent Bank Corp. delivered robust Q1 results, with revenues up 42% year-over-year, primarily from the Enterprise acquisition. INDB's net interest margin expanded to 3.90%, and adjusted EPS of $1.68 narrowly beat consensus, despite a slight sequential dip. Loan and deposit balances declined modestly, while asset quality softened as nonperforming loans rose to 0.52% of total loans. Capital position remains strong; dividend increased 8.5%, share repurchases were aggressive, but we remain neutral on INDB stock pending clearer signs of organic loan growth. Read the full article on Seeking AlphaNarrative Update • Apr 09
INDB: Dividend Growth And Buybacks Will Support Future Share Repricing
Analysts have nudged the fair value estimate for Independent Bank to $90.00, reflecting slightly lower revenue growth and profit margin assumptions alongside a modestly higher future P/E. Recent research cites limited near term upside and mixed price target moves across the Street.Narrative Update • Mar 26
INDB: Dividend Hike And Buybacks Will Support Future Upside Potential
The analyst price target for Independent Bank has been trimmed by about $0.40 to reflect slightly adjusted long term fair value assumptions. Analysts point to mixed recent research that includes a lower $84 target and a Neutral stance, alongside more constructive views from other firms.Narrative Update • Mar 11
INDB: Share Repurchases And Consistent Earnings Framework Will Support Future Upside
Analysts have adjusted their price target on Independent Bank to $90.00. They attribute this change to updated assumptions on fair value, discount rate, revenue growth, profit margin, and future P/E that remain broadly consistent with prior estimates, while incorporating recent research commentary.Narrative Update • Feb 25
INDB: Share Repurchases And Earnings Execution Will Support Future Upside Potential
Analysts have maintained their fair value estimate for Independent Bank at $90. Recent research highlights updated views on growth, profitability, and future P/E as the key drivers behind the latest price target adjustment.Narrative Update • Feb 10
INDB: Share Repurchases And Execution Risks Will Shape Future Upside Potential
Analysts have raised their fair value estimate for Independent Bank, increasing the price target from US$87.20 to US$90.00. This change reflects updated assumptions around discount rates, revenue growth, profit margins, and future P/E.Narrative Update • Jan 26
INDB: Share Repurchases And Higher Margins Will Support Future Upside Potential
Analysts have lifted their price target for Independent Bank from US$83.40 to US$87.20, citing updated assumptions that combine a lower revenue growth outlook with higher profit margin expectations and a slightly richer future P/E multiple. What's in the News Independent Bank completed a share repurchase of 912,528 shares, representing 1.96% of shares, for a total of US$60.86 million under the buyback announced on July 17, 2025 (Key Developments).Narrative Update • Jan 09
INDB: Share Repurchase Completion And Stable Assumptions Will Guide Future Returns
Analysts have reaffirmed their price target on Independent Bank at US$83.40, citing largely unchanged assumptions for discount rate, revenue growth, profit margin and future P/E that continue to support this valuation. What's in the News Independent Bank completed a share repurchase program announced on July 17, 2025, buying back 364,528 shares for US$23.36 million, representing 0.86% of the company.Narrative Update • Dec 18
INDB: Share Repurchase And Steady Fundamentals Will Likely Support Future Returns
Analysts have modestly raised their price target on Independent Bank to approximately $83.40 from about $82.75, reflecting slightly stronger confidence in the bank’s long term earnings power and valuation multiple. What's in the News Completed repurchase of 364,528 shares (about 0.86% of outstanding stock) for approximately $23.36 million under its July 17, 2025 buyback authorization (Key Developments) Valuation Changes Fair Value: Increased slightly to approximately $83.40 from about $82.75, reflecting a modest uplift in the intrinsic value estimate.Narrative Update • Dec 04
INDB: Completed Share Repurchase Program Will Support Strong Future Shareholder Returns
Analysts have modestly reaffirmed their outlook on Independent Bank, keeping the average price target effectively unchanged at approximately $82.75 per share. They continue to view the bank's stable fair value estimate, discount rate, revenue growth trajectory, profit margins, and forward P E multiple as well balanced.Narrative Update • Nov 20
INDB: Share Buyback Completion Will Drive Future Shareholder Value
Narrative Update on Independent Bank Analysts have maintained their price target for Independent Bank at $82.75. They cite ongoing stability in both growth and profitability metrics.Narrative Update • Nov 05
INDB: Share Buyback Completion And Steady Metrics Will Support Bullish Momentum
Analysts have maintained their fair value price target for Independent Bank at $82.75. They cite consistent financial projections and stable performance metrics as the basis for their steady outlook.Narrative Update • Oct 22
Analysts Boost Independent Bank Price Target Despite Lower Growth and Profit Forecasts
Analysts have raised their price target for Independent Bank from $79.50 to $82.75. They cited moderating profit margin and revenue growth estimates, but noted increased confidence in the company's valuation outlook.Seeking Alpha • Apr 19
Independent Bank: No Signs Of A Slowdown, Attractive Yield
Summary Independent Bank Corp. (Rockland Trust) Q1 earnings show mixed results: revenue beat expectations, but EPS missed due to higher credit loss provisions. Loan levels held steady, while deposits rose 2.4%, improving net interest margins to 3.42%, indicating a stable local economy. Asset quality mostly improved with lower nonperforming loans, but return metrics dipped slightly; the efficiency ratio showed improvement. Positive 2025 outlook with a pending merger and a 4.2% dividend yield, making it a potential income investment, especially on market dips. Read the full article on Seeking AlphaSeeking Alpha • Jan 16
Independent Bank: Another Regional Bank Delivering
Summary Independent Bank Corp.'s Q4 earnings were strong, with revenues flat and EPS surpassing expectations, boosted by lower credit loss provisions and better margins. Loan and deposit growth were positive, with loans up 1% and deposits up 0.7%, indicating strong performance and future potential. Asset quality mostly improved, with nonperforming assets slightly down and better return metrics, though allowance for credit losses ticked up slightly. Despite trading above book value, the bank's INDB stock offers a 3.5% yield; a pullback to the $50s would be a better entry point. Read the full article on Seeking Alpha
New Narrative • Oct 20
Diversifying Loan Mix And Wealth Management Expansion To Boost Bank's Earnings
Diversifying the loan portfolio and focusing on C&I lending over CRE aims to stabilize earnings and increase revenue.Seeking Alpha • Sep 15
Independent Bank: Time For A Downgrade After A Monumental Rally
Summary Independent Bank's stock surged 24.4% since my initial 'buy' rating, outperforming the S&P 500's 7.2% rise. Deposit growth has been impressive, but uninsured deposits increased to 33.1%, raising concerns about susceptibility to bank runs. Despite loan growth and reduced debt, net interest income and overall profitability have declined, impacting the bank's valuation. Independent Bank appears attractively priced relative to peers but falls short on return on assets and equity, justifying a downgrade to a 'hold' rating. Read the full article on Seeking AlphaSeeking Alpha • May 31
Independent Bank: Just Worth Considering
Summary Independent Bank has experienced mixed financial results in recent years, but its shares are attractively priced compared to similar firms. The bank offers a wide range of banking, investment, and financial services through its retail branches and lending centers. The company's loan portfolio has consistently increased, but deposits have declined, leading to some volatility in its financial performance. Read the full article on Seeking AlphaAnalysis Article • Mar 25
Independent Bank (NASDAQ:INDB) Is Increasing Its Dividend To $0.57
Independent Bank Corp. ( NASDAQ:INDB ) has announced that it will be increasing its periodic dividend on the 5th of...Seeking Alpha • Jan 21
Independent Bank: High LTD Ratio Limits Growth Prospects
Summary Independent Bank's Q4 GAAP EPS beats estimates by $0.02. Q4 revenue of $177.16M misses estimates by $0.18M. Loan portfolio growth is slowing down, delinquency trend is increasing slightly and the focus is on deposit growth. Read the full article on Seeking AlphaAnalysis Article • Dec 18
Independent Bank's (NASDAQ:INDB) Dividend Will Be $0.55
The board of Independent Bank Corp. ( NASDAQ:INDB ) has announced that it will pay a dividend on the 5th of January...CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | US$241m |
| Dec 31 2025 | US$4m | US$1m | US$205m |
| Sep 30 2025 | n/a | n/a | US$180m |
| Jun 30 2025 | n/a | n/a | US$189m |
| Mar 31 2025 | n/a | n/a | US$189m |
| Dec 31 2024 | US$3m | US$1m | US$192m |
| Sep 30 2024 | n/a | n/a | US$197m |
| Jun 30 2024 | n/a | n/a | US$215m |
| Mar 31 2024 | n/a | n/a | US$226m |
| Dec 31 2023 | US$5m | US$904k | US$240m |
Compensation vs Market: Jeff's total compensation ($USD3.61M) is below average for companies of similar size in the US market ($USD7.02M).
Compensation vs Earnings: Jeff's compensation has increased by more than 20% in the past year.
CEO
Jeff Tengel (62 yo)
3.3yrs
Tenure
US$3,606,962
Compensation
Mr. Jeffrey J. Tengel, also known as Jeff, is CEO & Director of Rockland Trust Company from 2023 and also serves as President Since June 27, 2025. Mr. Tengel has served as President, Chief Executive Office...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 3.3yrs | US$3.61m | 0.099% $ 3.8m | |
| Chief Financial Officer | 7.1yrs | US$1.71m | 0.057% $ 2.2m | |
| Executive VP | 3yrs | US$1.13m | 0.021% $ 816.3k | |
| Executive VP & Chief Administrative Officer of Rockland Trust Company | no data | US$1.18m | 0.015% $ 576.7k | |
| Executive VP & Chief Commercial Banking Officer of Rockland Trust Company | 3.3yrs | US$1.13m | 0.031% $ 1.2m | |
| Executive VP & Chief Investment Officer | 2.6yrs | no data | no data | |
| Senior VP | 3.2yrs | no data | 0.015% $ 572.9k | |
| Executive VP & Chief Marketing Officer | no data | no data | no data | |
| Executive VP & Chief Human Resource Officer of Rockland Trust Company | no data | US$786.26k | 0.034% $ 1.3m | |
| Executive VP & Chief Internal Auditor | no data | no data | no data | |
| Executive VP & Chief Retail Banking Officer | 3.2yrs | no data | no data | |
| Executive VP & Chief Credit Officer of Rockland Trust Company | no data | no data | 0.025% $ 940.5k |
3.2yrs
Average Tenure
60.5yo
Average Age
Experienced Management: INDB's management team is considered experienced (3.2 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 3.3yrs | US$3.61m | 0.099% $ 3.8m | |
| Independent Director | 21.1yrs | US$155.06k | 0.025% $ 970.7k | |
| Independent Director | 13.5yrs | US$151.06k | 0.026% $ 1.0m | |
| Independent Director | 17.1yrs | US$147.06k | 0.044% $ 1.7m | |
| Independent Director | 17.1yrs | US$151.06k | 0.049% $ 1.9m | |
| Independent Director | 21.1yrs | US$173.31k | 0.027% $ 1.0m | |
| Independent Director | 4.7yrs | US$139.06k | 0.012% $ 455.9k | |
| Director | 9.2yrs | US$97.35k | 0.045% $ 1.7m | |
| Independent Chairman | 9.1yrs | US$180.31k | 0.016% $ 617.6k | |
| Independent Director | 1.1yrs | US$108.81k | 0.0037% $ 142.2k | |
| Independent Director | 5.3yrs | US$142.06k | 0.011% $ 429.6k | |
| Independent Director | 1.1yrs | US$111.06k | 0.0037% $ 142.2k |
9.1yrs
Average Tenure
66yo
Average Age
Experienced Board: INDB's board of directors are considered experienced (9.1 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/31 22:04 |
| End of Day Share Price | 2026/05/29 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
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.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Independent Bank Corp. is covered by 19 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Bryce Rowe | Baird |
| Jared David Shaw | Barclays |
| David Bishop | D.A. Davidson & Co. |