XML 63 R39.htm IDEA: XBRL DOCUMENT
v3.22.0.1

STOCK BASED COMPENSATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Cumulatively Granted Stock Options and Restricted Stock Awards, Net of Forfeitures and Expirations | The following table presents the amount of cumulatively granted stock option awards and restricted stock awards, net of forfeitures and expirations, granted through December 31, 2021:
|  | Authorized Awards | Cumulatively Granted, Net of Forfeitures and Expirations |  | Total |  | Authorized but Unissued |
Stock Option Awards |  | Restricted Stock Awards |
2005 Plan |  | 1,650,000 |  | 387,258 |  |  | 927,346 |  |  | 1,314,604 |  |  | 335,396 |  |
2018 Plan |  | 300,000 |  | — |  |  | 30,258 |  |  | 30,258 |  |  | 269,742 |  |
Schedule of Pre-tax Compensation Expense and Related Tax Benefits | The following table presents the pre-tax expense associated with stock option and restricted stock awards and the related tax benefits recognized for the periods presented:
| Years Ended December 31
| 2021 |  | 2020 |  | 2019
| (Dollars in thousands)
Stock based compensation expense |  |  |  |  |
Restricted stock awards (1) | $ | 3,580 |  |  | $ | 3,272 |  |  | $ | 3,679 |
Directors’ fee expense (2) |  |  |  |  |
Stock options | — |  |  | — |  |  | 23 |
Restricted stock awards | 729 |  |  | 851 |  |  | 701 |
Total stock based award expense | $ | 4,309 |  |  | $ | 4,123 |  |  | $ | 4,403 |
Related tax benefits recognized in earnings | $ | 1,212 |  |  | $ | 1,159 |  |  | $ | 1,238 |
(1)Inclusive of compensation expense associated with time-vested and performance-based restricted stock awards. (2)Expense related to awards issued to directors is recognized as directors’ fees within other noninterest expense.
Schedule of Stock Options Granted |
Schedule of Relevant Information Relating to Stock Options | The following table presents relevant information relating to the Company’s stock options for the periods presented:
| Years Ended December 31
| 2021 |  | 2020 |  | 2019
| (Dollars in thousands, except per share data)
Fair value of stock options vested based on grant date fair value | n/a |  | $ | 22 |  |  | $ | 21 |
Intrinsic value of stock options exercised | $ | 414 |  |  | $ | 404 |  |  | $ | 883 |
Cash received from stock option exercises | $ | 233 |  |  | $ | 279 |  |  | $ | 396 |
Tax benefit realized on stock option exercises | $ | 116 |  |  | $ | 114 |  |  | $ | 248 |
Schedule of Stock Options | The following table presents a summary of stock option award activity for the year ended December 31, 2021:
| Outstanding |  |  |  |
| Stock Option Awards |  |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (1) |  |  |  |  |  |  |
| (Dollars in thousands, except per share data) |  |
Balance at January 1, 2021 | 28,500 |  |  |  | $ | 47.61 |  |  |  |  |  |  |  |  |  |  |  |
Granted | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |
Exercised | (8,500) |  |  |  | 27.46 |  |  |  |  |  |  |  |  |  |  |  |
Balance of options outstanding, vested and exercisable at December 31, 2021 | 20,000 |  | (2) |  | $ | 56.18 |  |  | 4.63 years |  | $ | 509 |  |  |  |  |  |  |  |
(1)The aggregate intrinsic value represents the total pre-tax intrinsic value, based on the average of the high price and low price at which the Company’s common stock traded on December 31, 2021 of $81.65, which would have been received by in-the-money option holders had they all exercised their options as of that date. (2)Represents vested stock options outstanding to Directors. For the year ended December 31, 2021, all outstanding stock option awards are vested and there is no unrecognized compensation expense related to those options.
Schedule of Restricted Stock Granted | During the years ended December 31, 2021, 2020, and 2019 the Company made the following restricted stock award grants:
| Shares Granted |  | Plan |  | Fair Value (1) |  | Vesting Period
Time-vested |  |  |  |  |  |  |
2021 |  |  |  |  |  |  |
2/18/2021 | 49,550 |  |  | 2005 |  | $ | 81.84 |  |  | Ratably over 5 years from grant date
5/25/2021 | 7,680 |  |  | 2018 |  | $ | 78.18 |  |  | Immediately upon grant date
9/1/2021 | 640 |  |  | 2018 |  | $ | 76.78 |  |  | Immediately upon grant date
2020 |  |  |  |  |  |  |
2/27/2020 | 46,550 |  |  | 2005 |  | $ | 70.24 |  |  | Ratably over 5 years from grant date
4/15/2020 | 880 |  |  | 2005 |  | $ | 70.02 |  |  | Ratably over 5 years from grant date
5/27/2020 | 9,438 |  |  | 2018 |  | $ | 72.86 |  |  | Immediately upon grant date
2019 |  |  |  |  |  |  |
2/21/2019 | 43,250 |  |  | 2005 |  | $ | 83.87 |  |  | Ratably over 5 years from grant date
3/15/2019 | 600 |  |  | 2005 |  | $ | 79.55 |  |  | Ratably over 5 years from grant date
4/1/2019 | 1,090 |  |  | 2005 |  | $ | 82.62 |  |  | Ratably over 3 years from grant date
5/21/2019 | 6,500 |  |  | 2018 |  | $ | 77.08 |  |  | Immediately upon grant date
Performance-based |  |  |  |  |  |  |
2/18/2021 | 18,900 |  |  | 2005 |  | $ | 81.84 |  |  | The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2024.
2/27/2020 | 17,100 |  |  | 2005 |  | $ | 70.24 |  |  | The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2023.
2/21/2019 | 15,900 |  |  | 2005 |  | $ | 83.87 |  |  | The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2022.
(1)The fair value of the restricted stock awards are based upon the average of the high and low prices at which the Company’s common stock traded on the date of grant. The holders of time-vested restricted stock awards participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. The holders of performance-based restricted stock awards do not participate in the rewards of stock ownership of the Company until vested. The holders of all restricted stock awards are not required to pay any consideration to the Company for the awards.
Schedule of Share-based Compensation, Fair Value of Restricted Stock Awards Vesting [Table Text Block] | The following table presents the fair value of restricted stock awards that vesting during the periods presented:
| Years Ended December 31
| 2021 |  | 2020 |  | 2019
| (Dollars in thousands)
Fair value of restricted stock awards upon vesting | $ | 5,754 |  |  | $ | 5,580 |  |  | $ | 6,005 |
Schedule of Restricted Stock Awards | The following table presents a summary of restricted stock award activity for the year ended December 31, 2021:
| Outstanding Restricted Stock Awards |  |  | Weighted Average Grant Price ($) |  |
| (Dollars in thousands, except per share data) |  |
Balance at January 1, 2021 | 181,505 |  |  |  | $ | 71.46 |  |  |
Granted | 76,770 |  |  |  | 81.43 |  |  |
Vested/released | (68,137) |  |  |  | 67.40 |  |  |
Forfeited | (4,965) |  |  |  | 73.44 |  |  |
Balance at December 31, 2021 | 185,173 |  | (1) |  | $ | 77.03 |  |  |
Unrecognized compensation cost (inclusive of directors’ fees) |  |  |  |  |  | $ | 8,213 |
Weighted average remaining recognition period (years) |  |  |  |  |  | 3.06 years
(1)Inclusive of 4,500 restricted stock awards outstanding to Directors.

X
- Definition Schedule of Share-based Compensation, Fair Value of Restricted Stock Awards Vesting [Table Text Block] + References No definition available. + Details
Name: | indb_ScheduleOfShareBasedCompensationFairValueOfRestrictedStockAwardsVestingTableTextBlock
Namespace Prefix: | indb_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Share-based Compensation, Restricted Stock Granted [Table Text Block] + References No definition available. + Details
Name: | indb_ScheduleOfShareBasedCompensationRestrictedStockGrantedTableTextBlock
Namespace Prefix: | indb_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Share-based Compensation, Shares Authorized, Granted, and Unissued under Stock Option Plans [Table Text Block] + References No definition available. + Details
Name: | indb_ScheduleOfShareBasedCompensationSharesAuthorizedGrantedAndUnissuedUnderStockOptionPlansTableTextBlock
Namespace Prefix: | indb_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration