Intrinsic value of Independent Bank - INDB

Previous Close

$88.85

  Intrinsic Value

$9.36

stock screener

  Rating & Target

str. sell

-89%

Previous close

$88.85

 
Intrinsic value

$9.36

 
Up/down potential

-89%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as INDB.

We calculate the intrinsic value of INDB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.40
  10.76
  10.18
  9.67
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  378
  418
  461
  505
  552
  600
  651
  703
  758
  814
  873
  935
  998
  1,064
  1,133
  1,205
  1,279
  1,357
  1,438
  1,522
  1,610
  1,702
  1,798
  1,898
  2,002
  2,112
  2,226
  2,346
  2,471
  2,602
Variable operating expenses, $m
  138
  153
  169
  185
  202
  220
  238
  257
  277
  298
  320
  342
  365
  390
  415
  441
  468
  497
  526
  557
  589
  623
  658
  695
  733
  773
  815
  858
  904
  952
Fixed operating expenses, $m
  85
  87
  89
  91
  93
  95
  97
  99
  101
  103
  105
  108
  110
  113
  115
  118
  120
  123
  126
  128
  131
  134
  137
  140
  143
  146
  149
  153
  156
  159
Total operating expenses, $m
  223
  240
  258
  276
  295
  315
  335
  356
  378
  401
  425
  450
  475
  503
  530
  559
  588
  620
  652
  685
  720
  757
  795
  835
  876
  919
  964
  1,011
  1,060
  1,111
Operating income, $m
  155
  178
  204
  230
  257
  286
  316
  347
  379
  413
  448
  485
  523
  562
  603
  646
  691
  737
  786
  837
  890
  945
  1,003
  1,063
  1,126
  1,193
  1,262
  1,334
  1,410
  1,490
EBITDA, $m
  1,034
  1,153
  1,277
  1,407
  1,543
  1,685
  1,832
  1,986
  2,145
  2,311
  2,483
  2,662
  2,848
  3,042
  3,243
  3,453
  3,671
  3,899
  4,136
  4,383
  4,641
  4,910
  5,191
  5,485
  5,791
  6,112
  6,448
  6,799
  7,167
  7,551
Interest expense (income), $m
  19
  400
  404
  443
  485
  528
  573
  620
  669
  720
  773
  828
  886
  945
  1,007
  1,071
  1,138
  1,208
  1,280
  1,356
  1,434
  1,516
  1,602
  1,691
  1,784
  1,881
  1,983
  2,089
  2,200
  2,317
  2,438
Earnings before tax, $m
  -246
  -225
  -240
  -255
  -271
  -287
  -304
  -322
  -341
  -360
  -380
  -401
  -422
  -445
  -468
  -492
  -517
  -543
  -570
  -598
  -627
  -657
  -688
  -721
  -755
  -790
  -827
  -866
  -906
  -948
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -246
  -225
  -240
  -255
  -271
  -287
  -304
  -322
  -341
  -360
  -380
  -401
  -422
  -445
  -468
  -492
  -517
  -543
  -570
  -598
  -627
  -657
  -688
  -721
  -755
  -790
  -827
  -866
  -906
  -948

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,553
  8,366
  9,218
  10,109
  11,038
  12,007
  13,016
  14,065
  15,156
  16,290
  17,468
  18,692
  19,965
  21,288
  22,664
  24,095
  25,586
  27,138
  28,756
  30,442
  32,201
  34,037
  35,953
  37,955
  40,046
  42,233
  44,519
  46,911
  49,413
  52,033
Adjusted assets (=assets-cash), $m
  7,553
  8,366
  9,218
  10,109
  11,038
  12,007
  13,016
  14,065
  15,156
  16,290
  17,468
  18,692
  19,965
  21,288
  22,664
  24,095
  25,586
  27,138
  28,756
  30,442
  32,201
  34,037
  35,953
  37,955
  40,046
  42,233
  44,519
  46,911
  49,413
  52,033
Revenue / Adjusted assets
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
Average production assets, $m
  8,798
  9,745
  10,738
  11,775
  12,859
  13,987
  15,163
  16,385
  17,656
  18,976
  20,348
  21,774
  23,257
  24,798
  26,401
  28,069
  29,805
  31,614
  33,498
  35,462
  37,511
  39,650
  41,882
  44,214
  46,650
  49,197
  51,860
  54,646
  57,562
  60,613
Working capital, $m
  -7,685
  -8,512
  -9,379
  -10,286
  -11,232
  -12,218
  -13,245
  -14,312
  -15,422
  -16,576
  -17,774
  -19,020
  -20,315
  -21,661
  -23,061
  -24,518
  -26,035
  -27,615
  -29,261
  -30,977
  -32,767
  -34,634
  -36,584
  -38,621
  -40,749
  -42,974
  -45,300
  -47,734
  -50,281
  -52,946
Total debt, $m
  7,478
  8,209
  8,976
  9,778
  10,615
  11,487
  12,395
  13,339
  14,321
  15,341
  16,401
  17,503
  18,648
  19,839
  21,077
  22,366
  23,707
  25,105
  26,560
  28,078
  29,661
  31,313
  33,038
  34,839
  36,722
  38,690
  40,747
  42,900
  45,152
  47,510
Total liabilities, $m
  6,798
  7,529
  8,296
  9,098
  9,935
  10,807
  11,715
  12,659
  13,641
  14,661
  15,721
  16,823
  17,968
  19,159
  20,397
  21,686
  23,027
  24,425
  25,880
  27,398
  28,981
  30,633
  32,358
  34,159
  36,042
  38,009
  40,067
  42,220
  44,472
  46,830
Total equity, $m
  755
  837
  922
  1,011
  1,104
  1,201
  1,302
  1,407
  1,516
  1,629
  1,747
  1,869
  1,996
  2,129
  2,266
  2,410
  2,559
  2,714
  2,876
  3,044
  3,220
  3,404
  3,595
  3,795
  4,005
  4,223
  4,452
  4,691
  4,941
  5,203
Total liabilities and equity, $m
  7,553
  8,366
  9,218
  10,109
  11,039
  12,008
  13,017
  14,066
  15,157
  16,290
  17,468
  18,692
  19,964
  21,288
  22,663
  24,096
  25,586
  27,139
  28,756
  30,442
  32,201
  34,037
  35,953
  37,954
  40,047
  42,232
  44,519
  46,911
  49,413
  52,033
Debt-to-equity ratio
  9.900
  9.810
  9.740
  9.670
  9.620
  9.570
  9.520
  9.480
  9.450
  9.420
  9.390
  9.360
  9.340
  9.320
  9.300
  9.280
  9.270
  9.250
  9.240
  9.220
  9.210
  9.200
  9.190
  9.180
  9.170
  9.160
  9.150
  9.140
  9.140
  9.130
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -246
  -225
  -240
  -255
  -271
  -287
  -304
  -322
  -341
  -360
  -380
  -401
  -422
  -445
  -468
  -492
  -517
  -543
  -570
  -598
  -627
  -657
  -688
  -721
  -755
  -790
  -827
  -866
  -906
  -948
Depreciation, amort., depletion, $m
  880
  975
  1,074
  1,178
  1,286
  1,399
  1,516
  1,638
  1,766
  1,898
  2,035
  2,177
  2,326
  2,480
  2,640
  2,807
  2,981
  3,161
  3,350
  3,546
  3,751
  3,965
  4,188
  4,421
  4,665
  4,920
  5,186
  5,465
  5,756
  6,061
Funds from operations, $m
  634
  749
  834
  923
  1,015
  1,112
  1,212
  1,316
  1,425
  1,538
  1,655
  1,777
  1,903
  2,035
  2,172
  2,315
  2,464
  2,619
  2,780
  2,949
  3,125
  3,308
  3,500
  3,701
  3,910
  4,129
  4,359
  4,599
  4,850
  5,113
Change in working capital, $m
  -786
  -827
  -867
  -907
  -946
  -986
  -1,026
  -1,068
  -1,110
  -1,154
  -1,199
  -1,246
  -1,295
  -1,346
  -1,400
  -1,457
  -1,517
  -1,580
  -1,646
  -1,716
  -1,790
  -1,868
  -1,950
  -2,037
  -2,128
  -2,225
  -2,326
  -2,434
  -2,547
  -2,666
Cash from operations, $m
  1,421
  1,576
  1,701
  1,829
  1,961
  2,098
  2,238
  2,384
  2,535
  2,691
  2,853
  3,022
  3,198
  3,381
  3,572
  3,772
  3,980
  4,198
  4,426
  4,665
  4,914
  5,176
  5,450
  5,737
  6,038
  6,354
  6,685
  7,032
  7,397
  7,779
Maintenance CAPEX, $m
  -790
  -880
  -975
  -1,074
  -1,178
  -1,286
  -1,399
  -1,516
  -1,638
  -1,766
  -1,898
  -2,035
  -2,177
  -2,326
  -2,480
  -2,640
  -2,807
  -2,981
  -3,161
  -3,350
  -3,546
  -3,751
  -3,965
  -4,188
  -4,421
  -4,665
  -4,920
  -5,186
  -5,465
  -5,756
New CAPEX, $m
  -903
  -947
  -992
  -1,038
  -1,083
  -1,129
  -1,175
  -1,222
  -1,271
  -1,321
  -1,372
  -1,426
  -1,482
  -1,541
  -1,603
  -1,668
  -1,736
  -1,808
  -1,884
  -1,964
  -2,049
  -2,138
  -2,232
  -2,332
  -2,436
  -2,547
  -2,663
  -2,786
  -2,915
  -3,052
Cash from investing activities, $m
  -1,693
  -1,827
  -1,967
  -2,112
  -2,261
  -2,415
  -2,574
  -2,738
  -2,909
  -3,087
  -3,270
  -3,461
  -3,659
  -3,867
  -4,083
  -4,308
  -4,543
  -4,789
  -5,045
  -5,314
  -5,595
  -5,889
  -6,197
  -6,520
  -6,857
  -7,212
  -7,583
  -7,972
  -8,380
  -8,808
Free cash flow, $m
  -272
  -250
  -266
  -282
  -299
  -317
  -335
  -355
  -374
  -395
  -416
  -439
  -462
  -486
  -510
  -536
  -563
  -591
  -620
  -650
  -681
  -713
  -747
  -783
  -819
  -858
  -898
  -940
  -983
  -1,029
Issuance/(repayment) of debt, $m
  67
  731
  767
  802
  837
  872
  908
  944
  982
  1,020
  1,060
  1,102
  1,145
  1,191
  1,238
  1,289
  1,341
  1,397
  1,456
  1,518
  1,583
  1,652
  1,725
  1,801
  1,882
  1,968
  2,058
  2,152
  2,252
  2,358
Issuance/(repurchase) of shares, $m
  1,003
  307
  325
  344
  364
  384
  405
  427
  450
  473
  498
  523
  550
  577
  606
  635
  666
  698
  731
  766
  802
  840
  880
  921
  964
  1,009
  1,056
  1,105
  1,156
  1,210
Cash from financing (excl. dividends), $m  
  1,070
  1,038
  1,092
  1,146
  1,201
  1,256
  1,313
  1,371
  1,432
  1,493
  1,558
  1,625
  1,695
  1,768
  1,844
  1,924
  2,007
  2,095
  2,187
  2,284
  2,385
  2,492
  2,605
  2,722
  2,846
  2,977
  3,114
  3,257
  3,408
  3,568
Total cash flow (excl. dividends), $m
  798
  788
  826
  863
  901
  939
  978
  1,017
  1,057
  1,099
  1,142
  1,186
  1,233
  1,282
  1,334
  1,388
  1,445
  1,504
  1,568
  1,634
  1,705
  1,779
  1,857
  1,940
  2,027
  2,119
  2,216
  2,318
  2,425
  2,539
Retained Cash Flow (-), $m
  -1,003
  -307
  -325
  -344
  -364
  -384
  -405
  -427
  -450
  -473
  -498
  -523
  -550
  -577
  -606
  -635
  -666
  -698
  -731
  -766
  -802
  -840
  -880
  -921
  -964
  -1,009
  -1,056
  -1,105
  -1,156
  -1,210
Prev. year cash balance distribution, $m
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
Cash available for distribution, $m
  -203
  481
  501
  520
  538
  555
  572
  590
  607
  625
  644
  663
  684
  705
  728
  753
  779
  807
  836
  868
  902
  939
  977
  1,019
  1,063
  1,110
  1,160
  1,213
  1,269
  1,329
Discount rate, %
  15.00
  15.75
  16.54
  17.36
  18.23
  19.14
  20.10
  21.11
  22.16
  23.27
  24.43
  25.66
  26.94
  28.28
  29.70
  31.18
  32.74
  34.38
  36.10
  37.90
  39.80
  41.79
  43.88
  46.07
  48.38
  50.80
  53.34
  56.00
  58.80
  61.74
PV of cash for distribution, $m
  -177
  359
  316
  274
  233
  194
  159
  127
  100
  77
  58
  43
  31
  22
  15
  10
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  35.6
  25.6
  18.7
  13.7
  10.2
  7.6
  5.7
  4.3
  3.3
  2.5
  1.9
  1.5
  1.2
  0.9
  0.7
  0.6
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management. As of December 31, 2016, the bank had operated 80 full service and three limited service retail branches, 11 commercial banking centers, five investment management offices and one mortgage lending center, all of which located in Eastern Massachusetts. The Bank classifies loans as commercial loans, consumer real estate loans, or other consumer loans. Commercial loans consist of commercial and industrial loans, commercial real estate loans, commercial construction loans, and small business loans. The Bank offers a range of demand deposits, interest checking, money market accounts, savings accounts and time certificates of deposit.

FINANCIAL RATIOS  of  Independent Bank (INDB)

Valuation Ratios
P/E Ratio 31.2
Price to Sales 0
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 25.8
Price to Free Cash Flow 28.9
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 2.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 32.9%
Total Debt to Equity 32.9%
Interest Coverage 7
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 6.7%
Return On Equity 9.4%
Return On Equity - 3 Yr. Avg. 9.5%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 31.3%
Eff/ Tax Rate - 3 Yr. Avg. 29.7%
Payout Ratio 39%

INDB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INDB stock intrinsic value calculation we used $339 million for the last fiscal year's total revenue generated by Independent Bank. The default revenue input number comes from 2017 income statement of Independent Bank. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our INDB stock valuation model: a) initial revenue growth rate of 11.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15%, whose default value for INDB is calculated based on our internal credit rating of Independent Bank, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Independent Bank.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of INDB stock the variable cost ratio is equal to 36.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $83 million in the base year in the intrinsic value calculation for INDB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Independent Bank.

Corporate tax rate of 27% is the nominal tax rate for Independent Bank. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the INDB stock is equal to 1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for INDB are equal to 2329.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Independent Bank operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for INDB is equal to -2035.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Independent Bank - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 27 million for Independent Bank is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Independent Bank at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

▶ Independent Bank Corp. to Host Earnings Call   [Jul-20-18 08:00AM  ACCESSWIRE]
▶ Independent Bank Corp.: 2Q Earnings Snapshot   [Jul-19-18 04:45PM  Associated Press]
▶ Independent Bank Corp. Announces Quarterly Dividend   [Jun-21-18 04:14PM  Business Wire]
▶ Rockland Trust goes west for latest bank acquisition   [May-30-18 01:50PM  American City Business Journals]
▶ Independent Bank Corp.: 1Q Earnings Snapshot   [Apr-19-18 04:17PM  Associated Press]
▶ Why Dividend Hunters Love Independent Bank Corp (NASDAQ:INDB)   [Apr-04-18 08:47AM  Simply Wall St.]
▶ Rockland Trust Launches Small Business, Big Dreams Contest   [Mar-19-18 12:59PM  Business Wire]
▶ Independent Bank Corp. posts 4Q profit   [Jan-18-18 04:31PM  Associated Press]
▶ Independent Bank Corp. Announces Quarterly Dividend   [Dec-14-17 04:11PM  Business Wire]
▶ Independent Bank Corp. posts 3Q profit   [Oct-19-17 04:36PM  Associated Press]
▶ Independent Bank Corp. Announces Quarterly Dividend   [Sep-21-17 04:15PM  Business Wire]
▶ The Market In 5 Minutes   [Jul-21-17 09:22AM  Benzinga]
▶ Independent Bank Corp. posts 2Q profit   [Jul-20-17 09:51PM  Associated Press]
▶ Independent Bank Corp. Announces Quarterly Dividend   [Jun-15-17 04:10PM  Business Wire]
▶ Rockland Trust willing to buy a bank as big as $4B, CEO says   [Apr-25-17 02:15PM  American City Business Journals]
▶ Independent Bank Corp. posts 1Q profit   [Apr-20-17 05:01PM  Associated Press]
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