XML 52 R32.htm IDEA: XBRL DOCUMENT
v3.20.2

Derivatives and Hedging Activities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | The following tables reflect the Company's derivative positions as of the dates indicated below for interest rate derivatives which qualify as cash flow hedges for accounting purposes:
September 30, 2020
|  |  |  |  |  | Weighted Average Rate |  |
|  | Notional Amount |  | Average Maturity |  | Current Rate Received |  | Pay Fixed Swap Rate |  | Fair Value (1)
|  | (in thousands) |  | (in years) |  |  |  |  |  | (in thousands)
Interest rate swaps on borrowings |  | $ | 75,000 |  |  | 1.43 |  | 0.26 | % |  | 1.53 | % |  | $ | (1,561) |
|  |  |  |  |  | Current Rate Paid |  | Receive Fixed Swap Rate |  |
Interest rate swaps on loans |  | 450,000 |  |  | 2.91 |  | 0.15 | % |  | 2.37 | % |  | 29,878 |
|  |  |  |  |  | Current Rate Paid |  | Receive Fixed Swap Rate Cap - Floor |  |
Interest rate collars on loans |  | 400,000 |  |  | 2.91 |  | 0.15 | % |  | 2.73% - 2.20% |  | 24,169 |
Total |  | $ | 925,000 |  |  |  |  |  |  |  |  | $ | 52,486 |
December 31, 2019
|  |  |  |  |  | Weighted Average Rate |  |
|  | Notional Amount |  | Average Maturity |  | Current Rate Received |  | Pay Fixed Swap Rate |  | Fair Value (1)
|  | (in thousands) |  | (in years) |  |  |  |  |  | (in thousands)
Interest rate swaps on borrowings |  | $ | 75,000 |  |  | 2.18 |  | 1.90 | % |  | 1.53 | % |  | $ | 140 |
|  |  |  |  |  | Current Rate Paid |  | Receive Fixed Swap Rate |  |
Interest rate swaps on loans |  | 450,000 |  |  | 3.66 |  | 1.76 | % |  | 2.37 | % |  | 12,907 |
|  |  |  |  |  | Current Rate Paid |  | Receive Fixed Swap Rate Cap - Floor |  |
Interest rate collars on loans |  | 400,000 |  |  | 3.66 |  | 1.76 | % |  | 2.73% - 2.20% |  | 9,896 |
Total |  | $ | 925,000 |  |  |  |  |  |  |  |  | $ | 22,943 |
Summary of customer related derivative positions, not designated as hedging |
|  |  | Notional Amount Maturing |  |
| Number of Positions (1) |  | Less than 1 year |  | Less than 2 years |  | Less than 3 years |  | Less than 4 years |  | Thereafter |  | Total |  | Fair Value (2)
| September 30, 2020
| (Dollars in thousands)
Loan level swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receive fixed, pay variable | 331 |  |  | $ | 135,993 |  |  | $ | 34,017 |  |  | $ | 158,477 |  |  | $ | 138,314 |  |  | $ | 1,260,159 |  |  | $ | 1,726,960 |  |  | $ | 145,517 |
Pay fixed, receive variable | 322 |  |  | $ | 135,993 |  |  | $ | 34,017 |  |  | $ | 158,477 |  |  | $ | 138,314 |  |  | $ | 1,260,159 |  |  | $ | 1,726,960 |  |  | $ | (145,501) |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buys foreign currency, sells U.S. currency | 33 |  |  | $ | 81,207 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 81,207 |  |  | $ | (3,125) |
Buys U.S. currency, sells foreign currency | 33 |  |  | $ | 81,207 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 81,207 |  |  | $ | 3,151 |
Risk participation agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |
Participation out | 13 |  |  | $ | 6,800 |  |  | $ | — |  |  | $ | 7,282 |  |  | $ | — |  |  | $ | 112,487 |  |  | $ | 126,569 |  |  | $ | 745 |
Participation in | 10 |  |  | $ | — |  |  | $ | 18,978 |  |  | $ | 23,925 |  |  | $ | 36,836 |  |  | $ | 18,295 |  |  | $ | 98,034 |  |  | $ | (269) |
|  |  | Notional Amount Maturing |  |
| Number of Positions (1) |  | Less than 1 year |  | Less than 2 years |  | Less than 3 years |  | Less than 4 years |  | Thereafter |  | Total |  | Fair Value (2)
| December 31, 2019
| (Dollars in thousands)
Loan level swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receive fixed, pay variable | 299 |  |  | $ | 156,690 |  |  | $ | 125,203 |  |  | $ | 85,603 |  |  | $ | 165,599 |  |  | $ | 1,044,315 |  |  | $ | 1,577,410 |  |  | $ | 48,596 |
Pay fixed, receive variable | 290 |  |  | $ | 156,690 |  |  | $ | 125,203 |  |  | $ | 85,603 |  |  | $ | 165,599 |  |  | $ | 1,044,315 |  |  | $ | 1,577,410 |  |  | $ | (48,591) |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buys foreign currency, sells U.S. currency | 40 |  |  | $ | 91,434 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 91,434 |  |  | $ | (81) |
Buys U.S. currency, sells foreign currency | 40 |  |  | $ | 91,434 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 91,434 |  |  | $ | 123 |
(1)The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements.
Fair value of derivative financial instruments as well as their classification on the balance sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet and the potential effect of netting arrangements on its financial position, at the dates indicated:
|  |  | Asset Derivatives (1) |  |  |  | Liability Derivatives (2) |
|  |  | Fair Value at |  | Fair Value at |  |  |  | Fair Value at |  | Fair Value at |
|  |  | September 30 2020 |  | December 31 2019 |  |  |  | September 30 2020 |  | December 31 2019 |
|  |  | (Dollars in thousands) |
Derivatives designated as hedges |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  |  | $ | 54,047 |  | (3) | $ | 23,140 |  | (3) |  |  | $ | 1,561 |  | (4) | $ | 197 |  | (4)
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |  |  |  |
Customer Related Positions |  |  |  |  |  |  |  |  |  |  |  |
Loan level derivatives |  |  | 145,517 |  | (3) | 52,374 |  | (3) |  |  | 145,501 |  | (4) | 52,369 |  | (4)
Foreign exchange contracts |  |  | 3,785 |  |  | 1,191 |  |  |  |  | 3,759 |  |  | 1,149 |  |
Risk participation agreements |  |  | 745 |  |  | — |  |  |  |  | 269 |  |  | — |  |
Mortgage Derivatives |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments |  |  | 6,587 |  |  | 1,680 |  |  |  |  | — |  |  | — |  |
Forward sale loan commitments |  |  | 61 |  |  | — |  |  |  |  | — |  |  | 12 |  |
Forward sale hedge commitments |  |  | — |  |  | — |  |  |  |  | 523 |  |  | 196 |  |
Total derivatives not designated as hedges |  |  | 156,695 |  |  | 55,245 |  |  |  |  | 150,052 |  |  | 53,726 |  |
Total |  |  | 210,742 |  |  | 78,385 |  |  |  |  | 151,613 |  |  | 53,923 |  |
Netting Adjustments (5) |  |  | 12 |  |  | — |  |  |  |  | 18,988 |  |  | — |  |
Net Derivatives on the Balance Sheet |  |  | 210,754 |  |  | 78,385 |  |  |  |  | 132,625 |  |  | 53,923 |  |
Financial instruments (6) |  |  | 54,047 |  |  | 24,882 |  |  |  |  | 54,047 |  |  | 24,882 |  |
Cash collateral pledged (received) |  |  | — |  |  | — |  |  |  |  | 73,094 |  |  | 25,493 |  |
Net Derivative Amounts |  |  | $ | 156,707 |  |  | $ | 53,503 |  |  |  |  | $ | 5,484 |  |  | $ | 3,548 |  |
Effect of derivative financial instruments included in OCI and current earnings | The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated:
| Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
| 2020 |  | 2019 |  | 2020 |  | 2019
| (Dollars in thousands)
Derivatives designated as hedges |  |  |  |  |  |  |
Gain (loss) in OCI on derivatives (effective portion), net of tax | $ | (2,729) |  |  | $ | 3,030 |  |  | $ | 20,452 |  |  | $ | 14,905 |
Gain reclassified from OCI into interest income or interest expense (effective portion) | $ | 4,339 |  |  | $ | 352 |  |  | $ | 9,901 |  |  | $ | 1,170 |
Loss reclassified from OCI into noninterest expense (loss on termination) | $ | (684) |  |  | $ | — |  |  | $ | (684) |  |  | $ | — |
Interest expense | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other expense | — |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedges |  |  |  |  |  |  |
Changes in fair value of customer related positions |  |  |  |  |  |  |
Other income | $ | 21 |  |  | $ | 10 |  |  | $ | 46 |  |  | $ | 37 |
Other expense | (28) |  |  | (2) |  |  | (52) |  |  | (13) |
Changes in fair value of mortgage derivatives |  |  |  |  |  |  |
Mortgage banking income | 2,027 |  |  | 366 |  |  | 4,653 |  |  | 1,913 |
Total | $ | 2,020 |  |  | $ | 374 |  |  | $ | 4,647 |  |  | $ | 1,937 |

X
- Definition Aggregate notional and fair value amounts of all derivatives not designated as a hedging instrument. + References No definition available. + Details
Name: | indb_NotionalAndFairValueAmountOfOtherDerivativesNotDesignatedAsHedgingInstrumentsTableTextBlock
Namespace Prefix: | indb_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration