10 Year Financial Data of Independent Bank Corp (INDB)

33.07 (1y: +19%)

Market Cap	751.22 M	P/E(ttm)	17.20
Enterprise Value	1.12 B	P/B	1.42

INDB- NAS (USA)
Independent Bank Corp

Currently 1/5

Business Predictability Rank: 1-Star (On Watch)
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
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$33.07

2 Severe Warning Signs 3 Medium Warning Signs 1 Good Sign

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	3	3.8	5.2
EBITDA Growth (%)	-2.6	12.4	-12.5
Free Cash Flow Growth (%)	-3.2	6.5	220
Book Value Growth (%)	8	5.1	6

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue per Share ($)	8.38	8.33	8.57	8.56	9.06	9.24	9.60	9.94	10.25	10.77	10.83	2.58	2.66	2.72	2.80	2.65
EBITDA per Share	3.52	3.39	3.50	3.57	3.02	2.36	1.80	2.94	3.37	3.10	3.01	0.90	0.69	0.82	0.69	0.81
Free Cashflow per Share	2.90	1.28	2.95	2.21	2.66	1.40	1.57	1.87	2.20	1.62	2.40	0.30	0.92	-0.08	0.49	1.07
Earnings per Share ($)	1.79	2.03	2.14	2.17	2.00	1.52	0.88	1.90	2.12	1.95	1.93	0.56	0.41	0.53	0.45	0.54
Dividends Per Share	0.52	0.56	0.60	0.64	0.68	0.72	0.72	0.72	0.76	0.84	0.85	0.21	0.21	0.21	0.21	0.22
Book Value per Share	11.66	13.91	14.70	15.21	15.57	19.37	20.98	20.58	21.87	24.27	23.51	22.18	22.34	22.71	23.72	23.51
Month End Stock Price	28.30	33.75	28.53	36.03	27.22	26.16	20.86	27.05	27.29	28.95	32.59	28.73	29.21	30.09	28.95	32.59
Ratios	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Return on Equity %	15.40	14.60	14.60	14.30	12.90	7.80	5.60	9.20	9.70	8.10	9.20	10.00	7.20	9.60	7.60	9.20
Return on Assets %	1.10	1.00	1.10	1.20	1.00	0.70	0.50	0.90	0.90	0.70	0.80	0.80	0.80	0.80	0.80	0.80
Return on Capital - Joel Greenblatt %	--	15.00	26.70	--	--	--	--	--	--	--	--	--	--	--	--	--
Debt to Equity	2.19	2.82	2.06	1.66	1.65	1.71	1.11	0.91	0.69	0.73	0.69	0.60	0.58	0.57	0.73	0.69

Operating Margin %	37.50	36.00	36.30	36.80	29.00	21.00	15.70	24.90	28.50	24.40	27.00	30.10	21.00	25.90	21.00	27.00
Net Margin %	21.40	24.40	25.00	25.40	22.10	16.50	12.20	19.10	20.70	18.20	20.20	21.80	15.40	19.70	16.00	20.20

Debt to Revenue	3.04	4.71	3.53	2.96	2.83	3.58	2.42	1.88	1.46	1.65	6.13	5.14	4.88	4.77	6.20	6.13
Interest Exp. to Revenue %	77.51	77.53	79.59	79.39	75.01	80.70	79.78	77.76	76.02	73.59	74.05	75.06	73.99	72.67	72.77	74.05

Asset Turnover	0.05	0.04	0.04	0.05	0.05	0.04	0.04	0.05	0.04	0.04	0.01	0.01	0.01	0.01	0.01	0.01
Buyback Ratio	--	--	--	--	--	--	--	--	--	-4.00	-0.10	--	--	--	-17.00	-0.10
Dividend Payout Ratio	0.29	0.28	0.28	0.29	0.34	0.47	0.62	0.38	0.36	0.43	0.41	0.37	0.51	0.39	0.47	0.41
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Interest Income	95.77	97.82	106	103	96.18	117	151	164	167	173	176	41.85	42.63	42.84	45.48	44.86
Non Interest Income	27.79	28.36	27.15	26.64	32.05	28.08	38.19	46.91	52.70	62.02	63.83	13.91	14.98	16.11	17.02	15.72
Revenue	124	126	133	129	128	146	189	211	220	235	240	55.76	57.61	58.95	62.50	60.59

Selling, General, &Admin. Expense	43.49	47.35	49.87	49.25	54.24	60.29	89.66	96.76	101	100	102	25.99	24.87	25.56	23.97	27.76
Credit Losses Provision	3.42	3.02	4.18	2.34	3.13	10.89	17.34	18.66	11.48	18.06	17.76	1.60	8.50	3.61	4.35	1.30
Other Expenses	24.78	24.47	24.64	23.73	28.04	37.10	46.41	33.10	35.53	48.85	53.17	8.78	9.37	11.94	18.77	13.10
Earnings Before DDA	51.88	51.33	54.30	53.98	42.83	37.26	35.48	62.35	72.22	67.51	66.55	19.39	14.87	17.84	15.41	18.43

Depreciation, Depletion and Amortization	5.56	5.87	5.98	6.37	5.66	6.75	5.74	9.88	9.63	10.21	9.69	2.59	2.76	2.55	2.31	2.06

Operating Income	46.32	45.46	48.33	47.61	37.17	30.52	29.74	52.47	62.58	57.30	56.86	16.80	12.11	15.29	13.10	16.37
Net Income	26.43	30.77	33.21	32.85	28.38	23.96	22.99	40.24	45.44	42.63	42.70	12.18	8.87	11.60	9.97	12.25

Preferred dividends	--	--	--	--	--	--	5.70	--	--	--	--	--	--	--	--	--
Earnings per Share ($)	1.79	2.03	2.14	2.17	2.00	1.52	0.88	1.90	2.12	1.95	1.93	0.56	0.41	0.53	0.45	0.54
Total Shares Outstanding	14.74	15.15	15.52	15.11	14.16	15.76	19.67	21.20	21.45	21.81	22.87	21.59	21.64	21.71	22.32	22.87
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Cash and cash equivalents	75.50	62.96	66.29	62.77	67.42	50.01	122	161	238	215	200	134	187	178	215	200
Money Market Investments	21.91	31.15	92.95	97.23	16.26	24.70	--	--	--	--	--	2.27	1.52	--	--	--
Net Loan	1,558	1,891	2,014	1,998	2,016	2,624	3,367	3,537	3,767	4,515	4,472	3,844	3,955	4,049	4,515	4,472
Securities & Investments	651	790	687	496	491	636	608	588	519	508	545	563	527	510	508	545
Property, Plant and Equipment	32.48	36.45	37.43	37.32	39.09	36.43	44.24	45.71	48.25	55.23	55.16	49.68	49.38	49.10	55.23	55.16
Intangible Assets	36.24	103	59.75	58.97	62.48	127	146	142	141	162	162	140	140	137	162	162
Other Assets	62.10	29.14	83.76	78.94	75.84	131	195	222	259	301	287	253	265	269	301	287
Total Assets	2,437	2,944	3,042	2,829	2,768	3,628	4,482	4,696	4,970	5,757	5,721	4,986	5,125	5,192	5,757	5,721

Total Deposits	1,783	2,060	2,205	2,090	2,027	2,579	3,375	3,628	3,877	4,547	4,551	3,946	4,078	4,118	4,547	4,551
Current Portion of Long-Term Debt	4.81	330	210	--	--	--	--	--	--	--	--	--	--	--	--	--
Long-Term Debt	371	263	259	382	363	521	457	397	322	388	371	286	281	281	388	371
Other liabilities	106	79.32	139	126	159	223	237	234	303	293	261	275	281	300	293	261
Total Liabilities	2,265	2,733	2,814	2,599	2,548	3,323	4,069	4,259	4,501	5,228	5,184	4,507	4,641	4,699	5,228	5,184

Common Stock	0.15	0.16	0.15	0.15	0.14	0.16	0.21	0.21	0.21	0.23	0.23	0.21	0.21	0.21	0.23	0.23
Retained Earnings	130	152	175	175	165	177	185	210	239	264	271	247	251	258	264	271
Additional Paid-In Capital	42.29	59.47	59.70	60.18	60.63	137	225	227	234	270	271	235	236	238	270	271
Treasury Stock	-3.69	-1.95	--	-1.79	-2.01	-2.27	-2.48	-2.74	-2.98	-3.18	-3.20	-3.00	--	--	-3.18	-3.20
Total Equity	172	211	228	230	220	305	413	436	469	529	538	479	484	493	529	538
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Income	26.43	30.77	33.21	32.85	28.38	23.96	22.99	40.24	45.44	42.63	42.70	12.18	8.87	11.60	9.97	12.25
Depreciation, Depletion and Amortization	5.56	5.87	5.98	6.37	5.66	6.75	5.74	9.88	9.63	10.21	9.69	2.59	2.76	2.55	2.31	2.06
Cash Flow from Others	10.70	-17.32	6.60	-5.87	3.59	-8.62	8.78	-3.47	0.46	-11.16	6.20	-5.61	9.32	-14.76	-0.11	11.74
Cash Flow from Operations	42.69	19.32	45.78	33.35	37.63	22.10	37.52	46.65	55.53	41.68	58.58	9.16	20.95	-0.61	12.18	26.06

Investment for Property, Plant & Equipement	--	--	--	--	--	--	-6.60	-7.02	-8.32	-6.26	-4.98	-2.76	-1.13	-1.06	-1.31	-1.48
Cash Flow from Acquisitions	--	--	--	--	-4.23	-13.67	97.34	--	-0.46	-8.97	-8.97	--	--	--	-8.97	--
Cash Flow from Investing	-184	-359	-51.44	216	-17.29	-200	199	-164	-190	-266	-150	-123	-88.61	-59.24	5.06	-7.07

Net Issuance of Stock	2.29	1.81	1.07	-23.49	-29.67	0.70	--	--	-0.36	1.22	0.95	-0.23	-0.12	--	1.57	-0.50
Net Issuance of Debt	53.21	185	-67.35	-91.66	10.58	29.00	-262	-60.00	-75.19	-78.04	-58.87	-35.00	-5.00	--	-38.04	-15.83
Cash Flow for Dividends	-7.41	-8.15	-9.07	-9.48	-9.50	-11.14	-14.57	-15.24	-16.04	-22.49	-18.41	-4.09	-4.54	-4.54	-9.33	--
Other Financing	94.61	151	145	-116	-62.63	142	112	232	302	301	232	51.31	130	54.41	65.66	-18.29
Cash Flow from Financing	143	330	69.91	-241	-91.22	160	-165	157	211	202	155	12.00	120	49.87	19.85	-34.62

Net Change in Cash	1.01	-9.80	64.26	8.34	-70.88	-17.31	71.80	39.38	76.22	-22.03	64.05	-102	52.59	-9.99	37.08	-15.63

Free Cash Flow	42.69	19.32	45.78	33.35	37.63	22.10	30.91	39.63	47.21	35.42	53.60	6.40	19.83	-1.67	10.86	24.58
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

PE Ratio(ttm)
Price to Tangible Book
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Peter Lynch Fair Value (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score

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INDB Quarterly/Annuals Reports

INDB: 10-Q - INDEPENDENT BANK CORP (0000776901) (Filer): (10-Q) - 2012-11-06
INDB: 10-Q - INDEPENDENT BANK CORP (0000776901) (Filer): (10-Q) - 2012-08-07
INDB: 10-Q - INDEPENDENT BANK CORP (0000776901) (Filer): (10-Q) - 2012-05-07
INDB: 10-K - INDEPENDENT BANK CORP (0000776901) (Filer): (10-K) - 2012-03-09
INDB: 10-Q - INDEPENDENT BANK CORP (0000776901) (Filer): (10-Q) - 2011-11-04

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