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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 4/10

vs
industry
vs
history
Cash to Debt 0.72
INDB's Cash to Debt is ranked lower than
62% of the 973 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.46 vs. INDB: 0.72 )
Ranked among companies with meaningful Cash to Debt only.
INDB' s 10-Year Cash to Debt Range
Min: 0.1   Max: 2.79
Current: 0.72

0.1
2.79
Equity to Asset 0.11
INDB's Equity to Asset is ranked higher than
58% of the 1283 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.10 vs. INDB: 0.11 )
Ranked among companies with meaningful Equity to Asset only.
INDB' s 10-Year Equity to Asset Range
Min: 0.06   Max: 0.11
Current: 0.11

0.06
0.11
Interest Coverage 4.10
INDB's Interest Coverage is ranked higher than
76% of the 1196 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.68 vs. INDB: 4.10 )
Ranked among companies with meaningful Interest Coverage only.
INDB' s 10-Year Interest Coverage Range
Min: 0.49   Max: 4.1
Current: 4.1

0.49
4.1
F-Score: 5
Z-Score: 0.27
WACC vs ROIC
10.08%
8.82%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating margin (%) 29.16
INDB's Operating margin (%) is ranked higher than
50% of the 1347 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 29.16 vs. INDB: 29.16 )
Ranked among companies with meaningful Operating margin (%) only.
INDB' s 10-Year Operating margin (%) Range
Min: -181.89   Max: 37.49
Current: 29.16

-181.89
37.49
Net-margin (%) 20.81
INDB's Net-margin (%) is ranked lower than
51% of the 1347 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 21.21 vs. INDB: 20.81 )
Ranked among companies with meaningful Net-margin (%) only.
INDB' s 10-Year Net-margin (%) Range
Min: 12.17   Max: 113.36
Current: 20.81

12.17
113.36
ROE (%) 8.68
INDB's ROE (%) is ranked higher than
53% of the 1344 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 8.17 vs. INDB: 8.68 )
Ranked among companies with meaningful ROE (%) only.
INDB' s 10-Year ROE (%) Range
Min: 6.4   Max: 17.79
Current: 8.68

6.4
17.79
ROA (%) 0.87
INDB's ROA (%) is ranked higher than
55% of the 1351 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.81 vs. INDB: 0.87 )
Ranked among companies with meaningful ROA (%) only.
INDB' s 10-Year ROA (%) Range
Min: 0.57   Max: 1.15
Current: 0.87

0.57
1.15
ROC (Joel Greenblatt) (%) 118.63
INDB's ROC (Joel Greenblatt) (%) is ranked higher than
65% of the 1333 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 75.43 vs. INDB: 118.63 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
INDB' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -141.04   Max: 146.24
Current: 118.63

-141.04
146.24
Revenue Growth (3Y)(%) 2.70
INDB's Revenue Growth (3Y)(%) is ranked higher than
56% of the 1133 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.70 vs. INDB: 2.70 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
INDB' s 10-Year Revenue Growth (3Y)(%) Range
Min: -38.8   Max: 71
Current: 2.7

-38.8
71
EBITDA Growth (3Y)(%) 5.40
INDB's EBITDA Growth (3Y)(%) is ranked lower than
55% of the 986 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 7.40 vs. INDB: 5.40 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
INDB' s 10-Year EBITDA Growth (3Y)(%) Range
Min: -14.1   Max: 19.9
Current: 5.4

-14.1
19.9
EPS Growth (3Y)(%) 5.50
INDB's EPS Growth (3Y)(%) is ranked lower than
59% of the 1002 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 9.10 vs. INDB: 5.50 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
INDB' s 10-Year EPS Growth (3Y)(%) Range
Min: -26   Max: 30.4
Current: 5.5

-26
30.4
» INDB's 10-Y Financials

Financials


Revenue & Net Income
Equity & Asset
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q2 2014

INDB Guru Trades in Q2 2014

Bernard Horn 90,924 sh (unchged)
David Dreman 57,008 sh (-2.06%)
Private Capital 17,523 sh (-37.47%)
» More
Q3 2014

INDB Guru Trades in Q3 2014

Jim Simons 42,224 sh (New)
David Dreman 57,770 sh (+1.34%)
Bernard Horn 90,924 sh (unchged)
Private Capital Sold Out
» More
Q4 2014

INDB Guru Trades in Q4 2014

Bernard Horn 90,924 sh (unchged)
David Dreman Sold Out
Jim Simons 28,900 sh (-31.56%)
» More
Q1 2015

INDB Guru Trades in Q1 2015

Jim Simons 107,108 sh (+270.62%)
Bernard Horn 90,924 sh (unchged)
» More
» Details

Insider Trades

Latest Guru Trades with INDB

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

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Ratios

vs
industry
vs
history
P/E(ttm) 19.70
INDB's P/E(ttm) is ranked lower than
77% of the 1418 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 14.10 vs. INDB: 19.70 )
Ranked among companies with meaningful P/E(ttm) only.
INDB' s 10-Year P/E(ttm) Range
Min: 8.22   Max: 36.89
Current: 19.7

8.22
36.89
Forward P/E 16.00
INDB's Forward P/E is ranked lower than
83% of the 1312 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 12.14 vs. INDB: 16.00 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 19.50
INDB's PE(NRI) is ranked lower than
76% of the 1209 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 14.10 vs. INDB: 19.50 )
Ranked among companies with meaningful PE(NRI) only.
INDB' s 10-Year PE(NRI) Range
Min: 8.2   Max: 36.66
Current: 19.5

8.2
36.66
P/B 1.50
INDB's P/B is ranked lower than
74% of the 1629 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.13 vs. INDB: 1.50 )
Ranked among companies with meaningful P/B only.
INDB' s 10-Year P/B Range
Min: 0.48   Max: 2.59
Current: 1.5

0.48
2.59
P/S 4.10
INDB's P/S is ranked lower than
75% of the 2101 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 2.90 vs. INDB: 4.10 )
Ranked among companies with meaningful P/S only.
INDB' s 10-Year P/S Range
Min: 1.24   Max: 19.8
Current: 4.1

1.24
19.8
PFCF 15.50
INDB's PFCF is ranked lower than
67% of the 1116 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 10.70 vs. INDB: 15.50 )
Ranked among companies with meaningful PFCF only.
INDB' s 10-Year PFCF Range
Min: 6.1   Max: 42.16
Current: 15.5

6.1
42.16
POCF 14.02
INDB's POCF is ranked lower than
72% of the 960 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 9.38 vs. INDB: 14.02 )
Ranked among companies with meaningful POCF only.
INDB' s 10-Year POCF Range
Min: 5.71   Max: 58.76
Current: 14.02

5.71
58.76
EV-to-EBIT 15.84
INDB's EV-to-EBIT is ranked lower than
57% of the 1370 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 14.35 vs. INDB: 15.84 )
Ranked among companies with meaningful EV-to-EBIT only.
INDB' s 10-Year EV-to-EBIT Range
Min: -18.4   Max: 55.5
Current: 15.84

-18.4
55.5
PEG 1.55
INDB's PEG is ranked lower than
64% of the 513 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.11 vs. INDB: 1.55 )
Ranked among companies with meaningful PEG only.
INDB' s 10-Year PEG Range
Min: 1.11   Max: 6.03
Current: 1.55

1.11
6.03
Shiller P/E 22.80
INDB's Shiller P/E is ranked lower than
71% of the 1028 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 17.00 vs. INDB: 22.80 )
Ranked among companies with meaningful Shiller P/E only.
INDB' s 10-Year Shiller P/E Range
Min: 5.48   Max: 22.8
Current: 22.8

5.48
22.8

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 2.20
INDB's Dividend Yield is ranked lower than
60% of the 2096 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 2.60 vs. INDB: 2.20 )
Ranked among companies with meaningful Dividend Yield only.
INDB' s 10-Year Dividend Yield Range
Min: 1.57   Max: 6.23
Current: 2.2

1.57
6.23
Dividend Payout 0.43
INDB's Dividend Payout is ranked lower than
67% of the 1297 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.32 vs. INDB: 0.43 )
Ranked among companies with meaningful Dividend Payout only.
INDB' s 10-Year Dividend Payout Range
Min: 0.21   Max: 0.97
Current: 0.43

0.21
0.97
Dividend growth (3y) 8.10
INDB's Dividend growth (3y) is ranked higher than
54% of the 622 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 7.20 vs. INDB: 8.10 )
Ranked among companies with meaningful Dividend growth (3y) only.
INDB' s 10-Year Dividend growth (3y) Range
Min: 1.8   Max: 17
Current: 8.1

1.8
17
Yield on cost (5-Year) 2.99
INDB's Yield on cost (5-Year) is ranked lower than
51% of the 2101 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 3.00 vs. INDB: 2.99 )
Ranked among companies with meaningful Yield on cost (5-Year) only.
INDB' s 10-Year Yield on cost (5-Year) Range
Min: 2.13   Max: 8.46
Current: 2.99

2.13
8.46
Share Buyback Rate -3.80
INDB's Share Buyback Rate is ranked lower than
63% of the 917 Companies
in the Global Banks - Regional - US industry.

( Industry Median: -1.40 vs. INDB: -3.80 )
Ranked among companies with meaningful Share Buyback Rate only.
INDB' s 10-Year Share Buyback Rate Range
Min: 1.8   Max: -14.4
Current: -3.8

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 2.10
INDB's Price/Tangible Book is ranked lower than
81% of the 1632 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.30 vs. INDB: 2.10 )
Ranked among companies with meaningful Price/Tangible Book only.
INDB' s 10-Year Price/Tangible Book Range
Min: 0.9   Max: 4.8
Current: 2.1

0.9
4.8
Price/DCF (Projected) 0.90
INDB's Price/DCF (Projected) is ranked lower than
64% of the 954 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.70 vs. INDB: 0.90 )
Ranked among companies with meaningful Price/DCF (Projected) only.
INDB' s 10-Year Price/DCF (Projected) Range
Min: 0.43   Max: 1.21
Current: 0.9

0.43
1.21
Price/Median PS Value 1.30
INDB's Price/Median PS Value is ranked lower than
68% of the 1605 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.10 vs. INDB: 1.30 )
Ranked among companies with meaningful Price/Median PS Value only.
INDB' s 10-Year Price/Median PS Value Range
Min: 0.5   Max: 6.22
Current: 1.3

0.5
6.22
Price/Peter Lynch Fair Value 3.40
INDB's Price/Peter Lynch Fair Value is ranked lower than
96% of the 467 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.10 vs. INDB: 3.40 )
Ranked among companies with meaningful Price/Peter Lynch Fair Value only.
INDB' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.6   Max: 3.31
Current: 3.4

0.6
3.31
Price/Graham Number 1.40
INDB's Price/Graham Number is ranked lower than
80% of the 1422 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.90 vs. INDB: 1.40 )
Ranked among companies with meaningful Price/Graham Number only.
INDB' s 10-Year Price/Graham Number Range
Min: 0.63   Max: 1.89
Current: 1.4

0.63
1.89
Earnings Yield (Greenblatt) 6.40
INDB's Earnings Yield (Greenblatt) is ranked lower than
53% of the 1502 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 6.70 vs. INDB: 6.40 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) only.
INDB' s 10-Year Earnings Yield (Greenblatt) Range
Min: 1.8   Max: 10.9
Current: 6.4

1.8
10.9
Forward Rate of Return (Yacktman) 11.90
INDB's Forward Rate of Return (Yacktman) is ranked lower than
57% of the 761 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 14.69 vs. INDB: 11.90 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) only.
INDB' s 10-Year Forward Rate of Return (Yacktman) Range
Min: 3.9   Max: 21.6
Current: 11.9

3.9
21.6

Business Description

Industry: Banks » Banks - Regional - US
Compare:MTB, USB, PNC, PB, CFR » details
Independent Bank Corp is a state chartered, federally registered bank holding company headquartered in Rockland, Massachusetts "the Bank" that was incorporated under Massachusetts law in 1985. The Company is the sole stockholder of Rockland Trust Company, a Massachusetts trust company chartered in 1907. Rockland is a community-oriented commercial bank. The community banking business is the Company's only reportable operating segment. The community banking business is managed as a single strategic unit and derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management. The Bank's borrowers consist of small-to-medium sized businesses and consumers. The Bank's market area is generally comprised of eastern Massachusetts, including Cape Cod and Rhode Island. All of the Bank's commercial, consumer real estate, and other consumer loan portfolios consist of loans made to residents of and businesses located in the Bank's market area. The majority of the real estate loans in the Bank's loan portfolio are secured by properties located within this market area. The majority of the real estate loans in the bank's loan portfolio are secured by properties located within this market area. The Bank's securities portfolio consists of U.S. Treasury securities, agency mortgage-backed securities, agency collateralized mortgage obligations, private mortgage-backed securities, state, county, and municipal securities, single issuer trust preferred securities issued by banks, pooled trust preferred securities issued by banks and insurers, equity securities held for the purpose of funding supplemental executive retirement plan obligations, and equity securities comprised of an investment in a community affordable housing and mutual fund. The majority of these securities are investment grade debt obligations with average lives of five years or less. The Rockland Trust Investment Management Group provides investment management and trust services to individuals, institutions, small businesses, and charitable institutions throughout eastern Massachusetts, including Cape Cod, and Rhode Island. The Bank's competition for generating loans is mainly from other commercial banks, savings banks, credit unions, mortgage banking companies, insurance companies, finance companies, and other institutional lenders. In attracting deposits, the Bank's main competitors are savings banks, commercial and co-operative banks, credit unions, internet banks, as well as other nonbank institutions that offer financial alternatives such as brokerage firms and insurance companies. The Company is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended, and as such is subject to regulation by the Board of Governors of the Federal Reserve System. Rockland Trust is subject to regulation and examination by the Commissioner of Banks of The Commonwealth of
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