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REGULATORY CAPITAL REQUIREMENTS
 12 Months Ended
Dec. 31, 2024
Regulated Operations [Abstract]  
REGULATORY CAPITAL REQUIREMENTS REGULATORY MATTERS
Regulatory Capital Requirements

The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities and certain off-
balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

At December 31, 2024 the Bank’s capital levels met or exceeded the minimum levels to be considered “well capitalized” for bank regulatory purposes. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based, Common equity Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following tables. Management believes, as of December 31, 2024 and 2023, that the Company and the Bank met all capital adequacy requirements to which they are subject.

The Company’s and the Bank’s actual capital amounts and ratios as of December 31, 2024 and 2023 are also presented in the table that follows:
 ActualFor Capital
Adequacy Purposes		To Be Well Capitalized
Under Prompt
Corrective Action
Provisions
 AmountRatioAmount RatioAmount Ratio
 December 31, 2024
(Dollars in thousands)
Independent Bank Corp.
Total capital (to risk weighted assets)$2,299,003 16.04 %$1,146,816 ≥8.0 %N/AN/A
Common equity tier 1 capital (to risk weighted assets)$2,100,158 14.65 %$645,084 ≥4.5 %N/AN/A
Tier 1 capital (to risk weighted assets)$2,100,158 14.65 %$860,112 ≥6.0 %N/AN/A
Tier 1 capital (to average assets) leverage$2,100,158 11.32 %$741,953 ≥4.0 %N/AN/A
Rockland Trust Company
Total capital (to risk weighted assets)$2,210,775 15.43 %$1,146,528 ≥8.0 %$1,433,159 ≥10.0 %
Common equity tier 1 capital (to risk weighted assets)$2,072,930 14.46 %$644,922 ≥4.5 %$931,554 ≥6.5 %
Tier 1 capital (to risk weighted assets)$2,072,930 14.46 %$859,896 ≥6.0 %$1,146,528 ≥8.0 %
Tier 1 capital (to average assets) leverage$2,072,930 11.18 %$741,843 ≥4.0 %$927,303 ≥5.0 %
December 31, 2023
(Dollars in thousands)
Independent Bank Corp.
Total capital (to risk weighted assets)$2,268,863 15.91 %$1,140,554 ≥8.0 %N/AN/A
Common equity tier 1 capital (to risk weighted assets)$2,022,873 14.19 %$641,562 ≥4.5 %N/AN/A
Tier 1 capital (to risk weighted assets)$2,022,873 14.19 %$855,416 ≥6.0 %N/AN/A
Tier 1 capital (to average assets)$2,022,873 10.96 %$737,984 ≥4.0 %N/AN/A
Rockland Trust Company
Total capital (to risk weighted assets)$2,183,436 15.32 %$1,140,550 ≥8.0 %$1,425,687 ≥10.0 %
Common equity tier 1 capital (to risk weighted assets)$2,048,426 14.37 %$641,559 ≥4.5 %$926,696 ≥6.5 %
Tier 1 capital (to risk weighted assets)$2,048,426 14.37 %$855,412 ≥6.0 %$1,140,550 ≥8.0 %
Tier 1 capital (to average assets)$2,048,426 11.10 %$738,055 ≥4.0 %$922,568 ≥5.0 %

In addition to the minimum risk-based capital requirements outlined in the table above, the Company is required to maintain a minimum capital conservation buffer, in the form of common equity, in order to avoid restrictions on capital distributions and discretionary bonuses. The required amount of the capital conservation buffer is 2.5%. The Company’s capital levels exceeded the minimum requirement plus the buffer of 2.5% as of December 31, 2024 and 2023.
Dividend Restrictions

The Company is subject to capital and dividend requirements administered by federal and state bank regulators, and the Company will not declare a cash dividend that would cause the Company to violate regulatory requirements. The Company is, in the ordinary course of business, dependent upon the receipt of cash dividends from the Bank to pay cash dividends to shareholders and satisfy the Company’s other cash needs. Federal and state law impose limits on capital distributions by the Bank. Massachusetts-chartered banks, such as the Bank, may declare from net profits cash dividends not more frequently than quarterly and non-cash dividends at any time. No dividends may be declared, credited, or paid if the Bank’s capital stock would be impaired. Massachusetts Bank Commissioner approval is required if the total of all dividends declared by the Bank in any calendar year would exceed the total of its net profits for that year combined with its retained net profits of the preceding two years, less any required transfer to surplus or a fund for the retirement of any preferred stock. Dividends paid by the Bank to the Company for the years ended December 31, 2024 and 2023 totaled $183.8 million and $228.9 million, respectively.

Trust Preferred Securities
In accordance with the applicable accounting standard related to variable interest entities, the common stock of trusts which have issued trust preferred securities have not been included in the consolidated financial statements of the Company. At both December 31, 2024 and 2023, there were $61.0 million in trust preferred securities that have been included within Tier 2 Capital of the Company for regulatory reporting purposes, pursuant to the Federal Reserve’s capital adequacy guidelines.