Independent Bank (INDB) - Net Assets

Latest as of June 2026: $3.51 Billion USD

Based on the latest financial reports, Independent Bank (INDB) has net assets worth $3.51 Billion USD as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($24.97 Billion) and total liabilities ($21.46 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. Check Independent Bank strategic capital allocation to assess the company's strategic physical and investment asset allocation.

Key Net Assets Metrics

Metric	Value
Current Net Assets	$3.51 Billion
% of Total Assets	14.06%
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. For live market cap and overall valuation, see market cap of Independent Bank.

Annual Net Assets for Independent Bank (1991–2025)

The table below shows the annual net assets of Independent Bank from 1991 to 2025. Also explore Independent Bank (INDB) net asset momentum to track the company's year-over-year net asset growth rate.

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
Jiangsu Pacific Quartz Co Ltd SHG:603688	$3.91 Billion
Turk Telekomunikasyon AS IS:TTKOM	$3.91 Billion
EO Technics Co. Ltd KQ:039030	$3.91 Billion
Banco del Bajío S.A. Institución de Banca Múltiple MX:BBAJIOO	$3.91 Billion
Asia Cement Corp TW:1102	$3.91 Billion
Yonghui Superstores Co Ltd SHG:601933	$3.90 Billion
Haci Omer Sabanci Holding AS IS:SAHOL	$3.90 Billion
HMT(Xiamen)New Technical SHG:603306	$3.90 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.
Dividend payments of 103,903,000 reduced retained earnings.
Share repurchases of 62,308,000 reduced equity.
Other comprehensive income increased equity by 46,870,000.
Other factors increased equity by 486,827,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	$205.12 Million	+5.75%
Dividends Paid	$103.90 Million	-2.91%
Share Repurchases	$62.31 Million	-1.75%
Other Comprehensive Income	$46.87 Million	+1.31%
Other Changes	$486.83 Million	+13.65%
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: 1.14x
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 13.75x to 1.14x 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	$82.48	x
1992-12-31	$10.54	$82.48	x
1993-12-31	$3.99	$82.48	x
1994-12-31	$4.44	$82.48	x
1995-12-31	$4.90	$82.48	x
1996-12-31	$5.52	$82.48	x
1997-12-31	$6.19	$82.48	x
1998-12-31	$6.41	$82.48	x
1999-12-31	$6.83	$82.48	x
2000-12-31	$8.02	$82.48	x
2001-12-31	$9.23	$82.48	x
2002-12-31	$11.03	$82.48	x
2003-12-31	$11.66	$82.48	x
2004-12-31	$14.01	$82.48	x
2005-12-31	$14.70	$82.48	x
2006-12-31	$15.21	$82.48	x
2007-12-31	$15.57	$82.48	x
2008-12-31	$19.37	$82.48	x
2009-12-31	$20.98	$82.48	x
2010-12-31	$20.58	$82.48	x
2011-12-31	$21.87	$82.48	x
2012-12-31	$24.27	$82.48	x
2013-12-31	$25.62	$82.48	x
2014-12-31	$26.70	$82.48	x
2015-12-31	$29.72	$82.48	x
2016-12-31	$32.68	$82.48	x
2017-12-31	$34.48	$82.48	x
2018-12-31	$38.82	$82.48	x
2019-12-31	$337.59	$82.48	x
2020-12-31	$51.15	$82.48	x
2021-12-31	$86.52	$82.48	x
2022-12-31	$62.23	$82.48	x
2023-12-31	$65.51	$82.48	x
2024-12-31	$70.41	$82.48	x
2025-12-31	$72.07	$82.48	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 (9.04%), 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	1.49%	29.67%	0.05x	1.03x	$-944.03 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: $574,041,500
Average return on equity (ROE) among peers: 7.87%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Independent Bank (INDB)	$3.51 Billion	-38.02%	6.11x	$3.91 Billion
Ameris Bancorp (ABCB)	$141.98 Million	7.29%	7.40x	$4.95 Billion
Ameris Bancorp (ABCB)	$804.48 Million	9.14%	8.77x	$5.62 Billion
ACNB Corporation (ACNB)	$61.12 Million	12.64%	7.91x	$656.47 Million
Affinity Bancshares Inc (AFBI)	$45.08 Million	2.57%	4.16x	$140.18 Million
Alerus Financial Corp (ALRS)	$182.82 Million	9.36%	8.54x	$822.80 Million
Amalgamated Bank (AMAL)	$439.37 Million	10.16%	9.66x	$1.27 Billion
Amerant Bancorp Inc. (AMTB)	$747.42 Million	6.13%	9.87x	$979.96 Million
Arrow Financial Corporation (AROW)	$334.39 Million	12.21%	10.03x	$708.35 Million
Associated Banc-Corp (ASB)	$2.88 Billion	5.86%	7.41x	$5.62 Billion
AmeriServ Financial Inc (ASRV)	$107.25 Million	3.36%	12.26x	$78.95 Million

About Independent Bank

NASDAQ:INDB USA Banks - Regional

Market Cap

$3.91 Billion

Market Cap Rank

#4186 Global

#1451 in USA

Share Price

$82.48

Change (1 day)

-1.39%

52-Week Range

$64.39 - $87.17

All Time High

$87.29