Independent Bank
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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit. It offers commercial real estate and construct… Read more
Independent Bank (INDB) - Net Assets
Latest net assets as of December 2025: $3.57 Billion USD
Based on the latest financial reports, Independent Bank (INDB) has net assets worth $3.57 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($24.91 Billion) and total liabilities ($21.35 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $3.57 Billion |
| % of Total Assets | 14.31% |
| Annual Growth Rate | 14.94% |
| 5-Year Change | 18.13% |
| 10-Year Change | 312.37% |
| Growth Volatility | 157.59 |
Independent Bank - Net Assets Trend (1991–2025)
This chart illustrates how Independent Bank's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Independent Bank (1991–2025)
The table below shows the annual net assets of Independent Bank from 1991 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $3.57 Billion | +19.13% |
| 2024-12-31 | $2.99 Billion | +3.38% |
| 2023-12-31 | $2.90 Billion | +0.30% |
| 2022-12-31 | $2.89 Billion | -4.36% |
| 2021-12-31 | $3.02 Billion | +77.28% |
| 2020-12-31 | $1.70 Billion | -84.65% |
| 2019-12-31 | $11.09 Billion | +933.27% |
| 2018-12-31 | $1.07 Billion | +13.74% |
| 2017-12-31 | $943.81 Million | +9.15% |
| 2016-12-31 | $864.69 Million | +12.08% |
| 2015-12-31 | $771.46 Million | +20.44% |
| 2014-12-31 | $640.53 Million | +8.28% |
| 2013-12-31 | $591.54 Million | +11.75% |
| 2012-12-31 | $529.32 Million | +12.85% |
| 2011-12-31 | $469.06 Million | +7.47% |
| 2010-12-31 | $436.47 Million | +5.77% |
| 2009-12-31 | $412.65 Million | +35.17% |
| 2008-12-31 | $305.27 Million | +38.47% |
| 2007-12-31 | $220.47 Million | -4.06% |
| 2006-12-31 | $229.78 Million | +0.71% |
| 2005-12-31 | $228.15 Million | +8.26% |
| 2004-12-31 | $210.74 Million | -4.08% |
| 2003-12-31 | $219.70 Million | +5.11% |
| 2002-12-31 | $209.02 Million | +0.20% |
| 2001-12-31 | $208.59 Million | +25.63% |
| 2000-12-31 | $166.03 Million | +30.86% |
| 1999-12-31 | $126.88 Million | +1.83% |
| 1998-12-31 | $124.60 Million | +2.72% |
| 1997-12-31 | $121.30 Million | +49.57% |
| 1996-12-31 | $81.10 Million | +11.71% |
| 1995-12-31 | $72.60 Million | +13.08% |
| 1994-12-31 | $64.20 Million | +11.85% |
| 1993-12-31 | $57.40 Million | +8.92% |
| 1992-12-31 | $52.70 Million | +68.37% |
| 1991-12-31 | $31.30 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Independent Bank's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 13694.7% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $1.27 Billion | 35.59% |
| Common Stock | $490.00K | 0.01% |
| Other Comprehensive Income | $-39.75 Million | -1.11% |
| Other Components | $2.34 Billion | 65.51% |
| Total Equity | $3.57 Billion | 100.00% |
Independent Bank Competitors by Market Cap
The table below lists competitors of Independent Bank ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Soochow Securities Co Ltd
SHG:601555
|
$3.61 Billion |
|
Unifirst Corporation
NYSE:UNF
|
$3.61 Billion |
|
Shenzhen Capchem Tech
SHE:300037
|
$3.61 Billion |
|
Gigabyte Technology Co Ltd
TW:2376
|
$3.61 Billion |
|
NH Foods Ltd
F:NI6
|
$3.61 Billion |
|
Cadence Bancorp
NYSE:CADE
|
$3.61 Billion |
|
ADMA Biologics Inc
NASDAQ:ADMA
|
$3.61 Billion |
|
Ningbo Orient Wires and Cables Co Ltd
SHG:603606
|
$3.61 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Independent Bank's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,993,120,000 to 3,565,728,000, a change of 572,608,000 (19.1%).
- Net income of 205,122,000 contributed positively to equity growth.
- Other comprehensive income increased equity by 46,870,000.
- Other factors increased equity by 320,616,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $205.12 Million | +5.75% |
| Other Comprehensive Income | $46.87 Million | +1.31% |
| Other Changes | $320.62 Million | +8.99% |
| Total Change | $- | 19.13% |
Book Value vs Market Value Analysis
This analysis compares Independent Bank's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.03x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 12.41x to 1.03x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1991-12-31 | $6.00 | $74.42 | x |
| 1992-12-31 | $10.54 | $74.42 | x |
| 1993-12-31 | $3.99 | $74.42 | x |
| 1994-12-31 | $4.44 | $74.42 | x |
| 1995-12-31 | $4.90 | $74.42 | x |
| 1996-12-31 | $5.52 | $74.42 | x |
| 1997-12-31 | $6.19 | $74.42 | x |
| 1998-12-31 | $6.41 | $74.42 | x |
| 1999-12-31 | $6.83 | $74.42 | x |
| 2000-12-31 | $8.02 | $74.42 | x |
| 2001-12-31 | $9.23 | $74.42 | x |
| 2002-12-31 | $11.03 | $74.42 | x |
| 2003-12-31 | $11.66 | $74.42 | x |
| 2004-12-31 | $14.01 | $74.42 | x |
| 2005-12-31 | $14.70 | $74.42 | x |
| 2006-12-31 | $15.21 | $74.42 | x |
| 2007-12-31 | $15.57 | $74.42 | x |
| 2008-12-31 | $19.37 | $74.42 | x |
| 2009-12-31 | $20.98 | $74.42 | x |
| 2010-12-31 | $20.58 | $74.42 | x |
| 2011-12-31 | $21.87 | $74.42 | x |
| 2012-12-31 | $24.27 | $74.42 | x |
| 2013-12-31 | $25.62 | $74.42 | x |
| 2014-12-31 | $26.70 | $74.42 | x |
| 2015-12-31 | $29.72 | $74.42 | x |
| 2016-12-31 | $32.68 | $74.42 | x |
| 2017-12-31 | $34.48 | $74.42 | x |
| 2018-12-31 | $38.82 | $74.42 | x |
| 2019-12-31 | $51.99 | $74.42 | x |
| 2020-12-31 | $51.15 | $74.42 | x |
| 2021-12-31 | $86.52 | $74.42 | x |
| 2022-12-31 | $62.23 | $74.42 | x |
| 2023-12-31 | $65.51 | $74.42 | x |
| 2024-12-31 | $70.41 | $74.42 | x |
| 2025-12-31 | $72.07 | $74.42 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Independent Bank utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 5.75%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 17.57%
- • Asset Turnover: 0.05x
- • Equity Multiplier: 6.99x
- Recent ROE (5.75%) is below the historical average (9.27%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1991 | -38.02% | -11.61% | 0.12x | 27.04x | $-15.03 Million |
| 1992 | 0.38% | 0.24% | 0.10x | 15.31x | $-5.07 Million |
| 1993 | 8.01% | 6.20% | 0.09x | 14.45x | $-1.14 Million |
| 1994 | 12.62% | 10.11% | 0.09x | 14.47x | $1.68 Million |
| 1995 | 14.33% | 12.31% | 0.09x | 13.60x | $3.14 Million |
| 1996 | 14.30% | 13.05% | 0.08x | 13.47x | $3.49 Million |
| 1997 | 15.35% | 13.46% | 0.08x | 14.81x | $4.95 Million |
| 1998 | 16.81% | 13.22% | 0.08x | 16.44x | $6.52 Million |
| 1999 | 17.36% | 13.43% | 0.08x | 16.20x | $7.22 Million |
| 2000 | 13.24% | 10.55% | 0.07x | 17.00x | $3.72 Million |
| 2001 | 16.55% | 13.30% | 0.08x | 16.50x | $8.73 Million |
| 2002 | 15.55% | 15.33% | 0.07x | 14.17x | $8.94 Million |
| 2003 | 15.38% | 16.93% | 0.06x | 14.18x | $9.25 Million |
| 2004 | 14.60% | 18.88% | 0.06x | 13.97x | $9.69 Million |
| 2005 | 14.55% | 18.15% | 0.06x | 13.33x | $10.39 Million |
| 2006 | 14.30% | 34.94% | 0.03x | 12.31x | $9.87 Million |
| 2007 | 12.87% | 14.80% | 0.07x | 12.56x | $6.33 Million |
| 2008 | 7.85% | 11.69% | 0.06x | 11.89x | $-6.56 Million |
| 2009 | 5.57% | 9.60% | 0.05x | 10.86x | $-18.28 Million |
| 2010 | 9.22% | 16.12% | 0.05x | 10.76x | $-3.41 Million |
| 2011 | 9.69% | 18.50% | 0.05x | 10.60x | $-1.47 Million |
| 2012 | 8.05% | 16.67% | 0.04x | 10.88x | $-10.30 Million |
| 2013 | 8.50% | 18.60% | 0.04x | 10.31x | $-8.90 Million |
| 2014 | 9.34% | 20.90% | 0.04x | 9.94x | $-4.21 Million |
| 2015 | 8.42% | 21.11% | 0.04x | 9.35x | $-12.19 Million |
| 2016 | 8.86% | 23.51% | 0.04x | 8.92x | $-9.82 Million |
| 2017 | 9.24% | 24.44% | 0.04x | 8.56x | $-7.18 Million |
| 2018 | 11.33% | 29.51% | 0.05x | 8.25x | $14.27 Million |
| 2019 | 9.67% | 29.67% | 0.05x | 6.67x | $-5.64 Million |
| 2020 | 7.12% | 23.88% | 0.04x | 7.75x | $-49.10 Million |
| 2021 | 4.01% | 23.45% | 0.03x | 6.77x | $-180.85 Million |
| 2022 | 9.14% | 35.18% | 0.04x | 6.68x | $-24.86 Million |
| 2023 | 8.27% | 30.10% | 0.04x | 6.68x | $-50.02 Million |
| 2024 | 6.42% | 19.72% | 0.05x | 6.47x | $-107.23 Million |
| 2025 | 5.75% | 17.57% | 0.05x | 6.99x | $-151.45 Million |
Industry Comparison
This section compares Independent Bank's net assets metrics with peer companies in the Banks - Regional industry.
Industry Context
- Industry: Banks - Regional
- Average net assets among peers: $25,670,820,700
- Average return on equity (ROE) among peers: 9.44%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Independent Bank (INDB) | $3.57 Billion | -38.02% | 5.99x | $3.61 Billion |
| Ameris Bancorp (ABCB) | $120.94 Million | 10.83% | 9.48x | $4.91 Billion |
| ACNB Corporation (ACNB) | $2.75 Billion | 1.01% | 0.01x | $462.57 Million |
| Addiko Bank AG (ADBKF) | $839.50 Million | 5.41% | 6.63x | $210.07 Million |
| Affinity Bancshares Inc (AFBI) | $120.97 Million | 6.26% | 5.51x | $79.94 Million |
| Absa Group Limited (AGRPF) | $19.52 Billion | 23.08% | 14.72x | $6.72 Billion |
| AIB Group plc (AIBGY) | $14.46 Billion | -16.17% | 8.45x | $21.72 Billion |
| Akbank Turk Anonim Sirketi (AKBTY) | $211.22 Billion | 31.48% | 8.02x | $8.60 Billion |
| Alpha Bank SA (ALBKY) | $7.32 Billion | 8.44% | 8.89x | $1.12 Billion |
| Community Capital Bancshares Inc (ALBY) | $9.19 Million | 7.09% | 8.66x | $19.76 Million |
| Alpine Banks of Colorado (ALPIB) | $342.89 Million | 16.92% | 10.27x | $248.47 Million |