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PARENT COMPANY FINANCIALS ONLY | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022 and the related statements of income and cash flows for the years ended December 31, 2023, 2022, and 2021 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
| 2023 |  | 2022
| (Dollars in thousands)
Assets |
Cash (1) | $ | 108,788 |  |  | $ | 169,977 |
Investments in subsidiaries (2) | 2,922,698 |  |  | 2,850,407 |
Prepaid income taxes | 2,488 |  |  | 2,299 |
Deferred tax asset | 429 |  |  | 453 |
Other assets (2) | — |  |  | 2,297 |
Total assets | $ | 3,034,403 |  |  | $ | 3,025,433 |
Liabilities and stockholders’ equity |  |  |
Dividends payable | $ | 23,580 |  |  | $ | 25,103 |
Junior subordinated debentures (less unamortized debt issuance costs of $30 and $33) | 62,858 |  |  | 62,855 |
Subordinated debentures (less unamortized debt issuance costs of $20 and $115) | 49,980 |  |  | 49,885 |
Other liabilities | 2,734 |  |  | 889 |
Total liabilities | 139,152 |  |  | 138,732 |
Stockholders’ equity | 2,895,251 |  |  | 2,886,701 |
Total liabilities and stockholders’ equity | $ | 3,034,403 |  |  | $ | 3,025,433 |
(1)Entire balance eliminates in consolidation. (2)Majority of balance eliminates in consolidation. STATEMENTS OF INCOME
| Years Ended December 31
| 2023 |  | 2022 |  | 2021
| (Dollars in thousands)
Income |
Dividends received from subsidiaries (1) | $ | 229,046 |  |  | $ | 209,257 |  |  | $ | 77,673 |
Total income | 229,046 |  |  | 209,257 |  |  | 77,673 |
Expenses |  |  |  |  |
Interest expense | 6,829 |  |  | 4,626 |  |  | 4,493 |
Other expenses | 3,156 |  |  | 1,680 |  |  | — |
Total expenses | 9,985 |  |  | 6,306 |  |  | 4,493 |
Income before income taxes and equity in undistributed income of subsidiaries | 219,061 |  |  | 202,951 |  |  | 73,180 |
Income tax benefit | (2,785) |  |  | (1,731) |  |  | (1,241) |
Income of parent company | 221,846 |  |  | 204,682 |  |  | 74,421 |
Equity in undistributed income of subsidiaries | 17,656 |  |  | 59,131 |  |  | 46,571 |
Net income | $ | 239,502 |  |  | $ | 263,813 |  |  | $ | 120,992 |
(1)Majority of balance eliminated in consolidation. STATEMENTS OF CASH FLOWS
| Years Ended December 31
| 2023 |  | 2022 |  | 2021
| (Dollars in thousands)
Cash flows from operating activities |
Net income | $ | 239,502 |  |  | $ | 263,813 |  |  | $ | 120,992 |
Adjustments to reconcile net income to cash provided by operating activities |  |  |  |  |
Amortization | 98 |  |  | 96 |  |  | 137 |
Deferred income tax expense | 24 |  |  | 28 |  |  | 12 |
Change in prepaid income taxes and other assets | 2,107 |  |  | (623) |  |  | (229) |
Change in other liabilities | 52 |  |  | 143 |  |  | (1,873) |
Equity in undistributed income of subsidiaries | (17,656) |  |  | (59,131) |  |  | (46,571) |
Net cash provided by operating activities | 224,127 |  |  | 204,326 |  |  | 72,468 |
Cash flows provided by investing activities |  |  |  |  |
Net cash acquired in business combinations | — |  |  | — |  |  | 119,816 |
Net cash provided by in investing activities | — |  |  | — |  |  | 119,816 |
Cash flows used in financing activities |  |  |  |  |
Repayments of long-term debt, net of issuance costs | — |  |  | (14,063) |  |  | (18,750) |
Restricted stock awards issued, net of awards surrendered | (1,142) |  |  | (1,084) |  |  | (1,249) |
Net proceeds from exercise of stock options | 80 |  |  | — |  |  | (57) |
Proceeds from shares issued under direct stock purchase plan | 2,662 |  |  | 2,359 |  |  | 2,023 |
Payments for shares repurchased under share repurchase programs | (188,910) |  |  | (139,946) |  |  | — |
Common dividends paid | (98,006) |  |  | (93,734) |  |  | (62,736) |
Net cash used in financing activities | (285,316) |  |  | (246,468) |  |  | (80,769) |
Net (decrease) increase in cash and cash equivalents | (61,189) |  |  | (42,142) |  |  | 111,515 |
Cash and cash equivalents at the beginning of the year | 169,977 |  |  | 212,119 |  |  | 100,604 |
Cash and cash equivalents at the end of the year | $ | 108,788 |  |  | $ | 169,977 |  |  | $ | 212,119 |

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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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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