INDB
Independent Bank
NASDAQ: INDB · FINANCIAL SERVICES · BANKS - REGIONAL
$77.05
-2.18% today
Updated 2026-04-29
Market cap
$3.74B
P/E ratio
15.32
P/S ratio
4.27x
EPS (TTM)
$5.03
Dividend yield
3.06%
52W range
$55 – $86
Volume
0.3M
Independent Bank (INDB) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $94.02M | $191.79M | $205.08M | $239.53M | $249.63M | $245.57M | $255.69M | $270.17M | $286.38M | $307.75M | $326.07M | $356.76M | $412.21M | $556.63M | $507.42M | $515.98M | $749.84M | $795.73M | $974.14M | $1.17B |
| Revenue growth (YoY) | — | +104.0% | +6.9% | +16.8% | +4.2% | -1.6% | +4.1% | +5.7% | +6.0% | +7.5% | +6.0% | +9.4% | +15.5% | +35.0% | -8.8% | +1.7% | +45.3% | +6.1% | +22.4% | +19.8% |
| Cost of revenue | $67.37M | $66.69M | $69.81M | $69.33M | $57.42M | $40.15M | $41.45M | $33.54M | $30.82M | $22.12M | $24.87M | $21.28M | $30.31M | $59.88M | $86.84M | $31.92M | $36.09M | $212.46M | $327.27M | $374.29M |
| Gross profit | $26.64M | $125.10M | $135.27M | $170.20M | $192.21M | $205.42M | $214.24M | $236.63M | $255.56M | $285.64M | $301.20M | $335.47M | $381.89M | $496.75M | $420.58M | $484.06M | $713.75M | $795.73M | $646.86M | $792.88M |
| Gross margin | 28.3% | 65.2% | 66.0% | 71.1% | 77.0% | 83.6% | 83.8% | 87.6% | 89.2% | 92.8% | 92.4% | 94.0% | 92.6% | 89.2% | 82.9% | 93.8% | 95.2% | 100.0% | 66.4% | 67.9% |
| R&D | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — | — |
| SG&A | $47.89M | $52.52M | $70.27M | $87.46M | $90.10M | $89.66M | $91.89M | $98.22M | $102.58M | $113.68M | $116.99M | $124.66M | $132.23M | $157.07M | $154.98M | $176.57M | $211.66M | $234.09M | $244.54M | $295.94M |
| Operating income | $47.61M | $37.17M | $30.52M | $29.74M | $52.47M | $62.58M | $57.30M | $66.74M | $83.74M | $92.18M | $112.08M | $134.54M | $155.93M | $218.11M | $152.84M | $156.68M | $347.75M | $315.13M | $247.13M | $266.92M |
| Operating margin | 50.6% | 19.4% | 14.9% | 12.4% | 21.0% | 25.5% | 22.4% | 24.7% | 29.2% | 30.0% | 34.4% | 37.7% | 37.8% | 39.2% | 30.1% | 30.4% | 46.4% | 39.6% | 25.4% | 22.9% |
| EBITDA | $53.53M | $42.83M | $35.15M | $35.48M | $62.35M | $72.22M | $67.51M | $75.23M | $95.85M | $104.48M | $126.43M | $150.31M | $171.56M | $237.55M | $180.10M | $189.50M | $386.55M | $315.13M | $288.02M | $306.23M |
| EBITDA margin | 56.9% | 22.3% | 17.1% | 14.8% | 25.0% | 29.4% | 26.4% | 27.8% | 33.5% | 34.0% | 38.8% | 42.1% | 41.6% | 42.7% | 35.5% | 36.7% | 51.6% | 39.6% | 29.6% | 26.2% |
| EBIT | $47.61M | $37.17M | $30.52M | $29.74M | $52.47M | $62.58M | $57.30M | $66.74M | $83.74M | $92.18M | $112.08M | $134.54M | $155.93M | $218.11M | $152.84M | $156.68M | $347.75M | $315.13M | $247.13M | $266.92M |
| Interest expense | $65.04M | $63.55M | $58.93M | $51.99M | $38.76M | $28.67M | $23.39M | $23.34M | $20.42M | $20.62M | $18.79M | $18.33M | $25.54M | $53.88M | $34.34M | $13.72M | $29.59M | $189.21M | $291.02M | $313.57M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 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% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $32.85M | $28.38M | $23.96M | $22.99M | $40.24M | $45.44M | $42.63M | $50.25M | $59.84M | $64.96M | $76.65M | $87.20M | $121.62M | $165.18M | $121.17M | $120.99M | $263.81M | $239.50M | $192.08M | $205.12M |
| Net income growth (YoY) | — | -13.6% | -15.6% | -4.1% | +75.0% | +12.9% | -6.2% | +17.9% | +19.1% | +8.5% | +18.0% | +13.8% | +39.5% | +35.8% | -26.6% | -0.1% | +118.0% | -9.2% | -19.8% | +6.8% |
| Profit margin | 34.9% | 14.8% | 11.7% | 9.6% | 16.1% | 18.5% | 16.7% | 18.6% | 20.9% | 21.1% | 23.5% | 24.4% | 29.5% | 29.7% | 23.9% | 23.4% | 35.2% | 30.1% | 19.7% | 17.6% |