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PARENT COMPANY FINANCIALS ONLY | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
PARENT COMPANY FINANCIAL STATEMENTS | PARENT COMPANY FINANCIAL STATEMENTS Condensed financial information relative to the balance sheets of Independent Bank Corp., as the parent company, at December 31, 2021 and 2020 and the related statements of income and cash flows for the years ended December 31, 2021, 2020, and 2019 are presented below. The statement of stockholders’ equity is not presented below as the parent company’s stockholders’ equity is that of the consolidated Company. BALANCE SHEETS
| December 31
| 2021 |  | 2020
| (Dollars in thousands)
Assets |
Cash (1) | $ | 212,119 |  |  | $ | 100,604 |
Investments in subsidiaries (2) | 2,952,089 |  |  | 1,761,383 |
Prepaid income taxes | 3,973 |  |  | 1,927 |
Deferred tax asset | 472 |  |  | 642 |
Total assets | $ | 3,168,653 |  |  | $ | 1,864,556 |
Liabilities and stockholders’ equity |  |  |
Dividends payable | $ | 22,728 |  |  | $ | 15,164 |
Long-term borrowings (less unamortized debt issuance costs of $0 and $40) | 14,063 |  |  | 32,773 |
Junior subordinated debentures (less unamortized debt issuance costs of $35 and $37) | 62,853 |  |  | 62,851 |
Subordinated debentures (less unamortized debt issuance costs of $209 and $304) | 49,791 |  |  | 49,696 |
Derivative instruments (1) | — |  |  | 569 |
Other liabilities | 769 |  |  | 818 |
Total liabilities | 150,204 |  |  | 161,871 |
Stockholders’ equity | 3,018,449 |  |  | 1,702,685 |
Total liabilities and stockholders’ equity | $ | 3,168,653 |  |  | $ | 1,864,556 |
(1)Entire balance eliminates in consolidation. (2)Majority of balance eliminates in consolidation. STATEMENTS OF INCOME
| Years Ended December 31
| 2021 |  | 2020 |  | 2019
| (Dollars in thousands)
Income |
Dividends received from subsidiaries (1) | $ | 77,673 |  |  | $ | 166,033 |  |  | $ | 181,790 |
Total income | 77,673 |  |  | 166,033 |  |  | 181,790 |
Expenses |  |  |  |  |
Interest expense | 4,493 |  |  | 5,432 |  |  | 8,236 |
Total expenses | 4,493 |  |  | 5,432 |  |  | 8,236 |
Income before income taxes and equity in undistributed income of subsidiaries | 73,180 |  |  | 160,601 |  |  | 173,554 |
Income tax benefit | (1,241) |  |  | (1,499) |  |  | (2,262) |
Income of parent company | 74,421 |  |  | 162,100 |  |  | 175,816 |
Equity (deficit) in undistributed income of subsidiaries | 46,571 |  |  | (40,933) |  |  | (10,641) |
Net income | $ | 120,992 |  |  | $ | 121,167 |  |  | $ | 165,175 |
(1)Majority of balance eliminates in consolidation. STATEMENTS OF CASH FLOWS
| Years Ended December 31
| 2021 |  | 2020 |  | 2019
| (Dollars in thousands)
Cash flows from operating activities |
Net income | $ | 120,992 |  |  | $ | 121,167 |  |  | $ | 165,175 |
Adjustments to reconcile net income to cash provided by operating activities |  |  |  |  |
Amortization | 137 |  |  | 152 |  |  | 157 |
Deferred income tax expense | 12 |  |  | 284 |  |  | 1,021 |
Change in prepaid income taxes and other assets (1) | (229) |  |  | (475) |  |  | 20,556 |
Change in other liabilities | (1,873) |  |  | (169) |  |  | (4,613) |
Deficit (equity) in undistributed income of subsidiaries | (46,571) |  |  | 40,933 |  |  | 10,641 |
Net cash provided by operating activities | 72,468 |  |  | 161,892 |  |  | 192,937 |
Cash flows provided by (used in) investing activities |  |  |  |  |
Net cash acquired (paid) in business combinations | 119,816 |  |  | — |  |  | (148,297) |
Net cash provided by (used) in investing activities | 119,816 |  |  | — |  |  | (148,297) |
Cash flows provided by (used in) financing activities |  |  |  |  |
Proceeds from line of credit, net of issuance costs | — |  |  | — |  |  | 49,980 |
Repayment of line of credit, net of issuance costs | — |  |  | — |  |  | (49,980) |
Proceeds from (repayments of) long-term debt, net of issuance costs | (18,750) |  |  | (42,187) |  |  | 74,867 |
Repayments of junior subordinated debentures, net of issuance costs | — |  |  | — |  |  | (13,329) |
Proceeds from issuance of subordinated debentures, net of issuance costs | — |  |  | — |  |  | 49,526 |
Repayments of subordinated debentures, net of issuance costs | — |  |  | — |  |  | (34,767) |
Restricted stock awards issued, net of awards surrendered | (1,249) |  |  | (1,187) |  |  | (1,463) |
Net proceeds from exercise of stock options | (57) |  |  | 197 |  |  | 281 |
Proceeds from shares issued under the direct stock purchase plan | 2,023 |  |  | 2,132 |  |  | 4,951 |
Payments for shares repurchased under share repurchase program | — |  |  | (95,091) |  |  | — |
Common dividends paid | (62,736) |  |  | (60,840) |  |  | (53,274) |
Net cash provided by (used in) financing activities | (80,769) |  |  | (196,976) |  |  | 26,792 |
Net increase (decrease) in cash and cash equivalents | 111,515 |  |  | (35,084) |  |  | 71,432 |
Cash and cash equivalents at the beginning of the year | 100,604 |  |  | 135,688 |  |  | 64,256 |
Cash and cash equivalents at the end of the year | $ | 212,119 |  |  | $ | 100,604 |  |  | $ | 135,688 |
(1)Reflected in this line for the year ended December 31, 2020 is a noncash adjustment which decreased prepaid income taxes and increased investment in subsidiary by $30.1 million, which represents a reallocation of a tax asset from the parent to the bank subsidiary.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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