Independent Bank (INDB) - Net Assets
Based on the latest financial reports, Independent Bank (INDB) has net assets worth $3.54 Billion USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($24.78 Billion) and total liabilities ($21.24 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 INDB intangible-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $3.54 Billion |
| % of Total Assets | 14.29% |
| 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. See INDB defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Independent Bank (1991–2025)
The table below shows the annual net assets of Independent Bank from 1991 to 2025. For live valuation and market cap data, see Independent Bank stock valuation.
| 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 Yuyue Medical Equipment & Supply Co Ltd
SHE:002223
|
$3.70 Billion |
|
HSD Engine Co Ltd
KO:082740
|
$3.70 Billion |
|
Munters Group AB
ST:MTRS
|
$3.70 Billion |
|
FOSITEK CORP
TW:6805
|
$3.70 Billion |
|
USA Compression Partners LP
NYSE:USAC
|
$3.70 Billion |
|
Beijing Roborock Technology Co Ltd
SHG:688169
|
$3.70 Billion |
|
Plug Power Inc
NASDAQ:PLUG
|
$3.70 Billion |
|
MANDARIN ORIENTAL DL-05
F:1C4
|
$3.70 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: 1.12x
- 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 13.52x to 1.12x 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 | $81.07 | x |
| 1992-12-31 | $10.54 | $81.07 | x |
| 1993-12-31 | $3.99 | $81.07 | x |
| 1994-12-31 | $4.44 | $81.07 | x |
| 1995-12-31 | $4.90 | $81.07 | x |
| 1996-12-31 | $5.52 | $81.07 | x |
| 1997-12-31 | $6.19 | $81.07 | x |
| 1998-12-31 | $6.41 | $81.07 | x |
| 1999-12-31 | $6.83 | $81.07 | x |
| 2000-12-31 | $8.02 | $81.07 | x |
| 2001-12-31 | $9.23 | $81.07 | x |
| 2002-12-31 | $11.03 | $81.07 | x |
| 2003-12-31 | $11.66 | $81.07 | x |
| 2004-12-31 | $14.01 | $81.07 | x |
| 2005-12-31 | $14.70 | $81.07 | x |
| 2006-12-31 | $15.21 | $81.07 | x |
| 2007-12-31 | $15.57 | $81.07 | x |
| 2008-12-31 | $19.37 | $81.07 | x |
| 2009-12-31 | $20.98 | $81.07 | x |
| 2010-12-31 | $20.58 | $81.07 | x |
| 2011-12-31 | $21.87 | $81.07 | x |
| 2012-12-31 | $24.27 | $81.07 | x |
| 2013-12-31 | $25.62 | $81.07 | x |
| 2014-12-31 | $26.70 | $81.07 | x |
| 2015-12-31 | $29.72 | $81.07 | x |
| 2016-12-31 | $32.68 | $81.07 | x |
| 2017-12-31 | $34.48 | $81.07 | x |
| 2018-12-31 | $38.82 | $81.07 | x |
| 2019-12-31 | $337.59 | $81.07 | x |
| 2020-12-31 | $51.15 | $81.07 | x |
| 2021-12-31 | $86.52 | $81.07 | x |
| 2022-12-31 | $62.23 | $81.07 | x |
| 2023-12-31 | $65.51 | $81.07 | x |
| 2024-12-31 | $70.41 | $81.07 | x |
| 2025-12-31 | $72.07 | $81.07 | 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: $389,399,400
- Average return on equity (ROE) among peers: 10.20%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Independent Bank (INDB) | $3.54 Billion | -38.02% | 6.00x | $3.70 Billion |
| Ameris Bancorp (ABCB) | $514.76 Million | 7.94% | 9.86x | $4.95 Billion |
| Ameris Bancorp (ABCB) | $68.20 Million | 10.85% | 9.15x | $5.79 Billion |
| ACNB Corporation (ACNB) | $51.46 Million | 12.55% | 7.93x | $483.21 Million |
| Affinity Bancshares Inc (AFBI) | $76.38 Million | 0.59% | 3.01x | $137.13 Million |
| Alerus Financial Corp (ALRS) | $127.25 Million | 8.42% | 8.09x | $736.27 Million |
| Amalgamated Bank (AMAL) | $508.95 Million | 16.01% | 14.41x | $1.27 Billion |
| Amerant Bancorp Inc. (AMTB) | $1.00 Billion | 3.23% | 8.67x | $974.56 Million |
| Arrow Financial Corporation (AROW) | $431.85 Million | 10.18% | 9.29x | $622.98 Million |
| Associated Banc-Corp (ASB) | $968.70 Million | 17.34% | 12.55x | $5.45 Billion |
| AmeriServ Financial Inc (ASRV) | $141.70 Million | 14.89% | 15.78x | $62.43 Million |
About 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. It provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit. The company also offers commercial real estate and cons… Read more