Independent Bank
Parent of Rockland Trust, a deposit-funded commercial, consumer, and wealth-management bank.
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Profile
Owns Rockland Trust, which gathers deposits and provides commercial and consumer lending, payments, and wealth services across southern New England. Revenue comes mainly from the interest spread on a loan book weighted toward commercial credit, with fee income from investment management and banking services.
Owns Rockland Trust, a full-service commercial bank offering deposits, treasury management, commercial and consumer lending, mortgages, investment management, trust, advisory, and insurance services. The branch and lending-center network spans eastern Massachusetts and Worcester County, southern New Hampshire, and Rhode Island. The completed Enterprise Bank acquisition expanded the franchise northward while leaving Rockland Trust as the sole banking subsidiary and Community Banking as its only reportable segment.
Earns most revenue from the spread between interest on loans and securities and the cost of deposits and other funding, supplemented by wealth-management and transaction fees. Its local deposit base funds a loan book weighted toward commercial real estate and business credit. Performance therefore depends on deposit retention and pricing, borrower credit quality, interest rates, New England property markets, and banking regulation.
Company facts
Categories
Key statistics
Year to date +12.2% · Average volume (30d) 312.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| May 15, 2026 | Independent Research | Target | $80 | $95 | ||
| Apr 17, 2026 | Raymond James | Target | $74 | $97 | ||
| Apr 15, 2026 | Stephens | Target | $88 | |||
| Feb 2, 2026 | Barclays | Downgrade | Equal Weight | Underweight | ||
| Dec 17, 2025 | Independent Research | Target | $83 | $80 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 16, 2026Q2 FY26 | $1.79 | $1.70 | −5.0% | $257.5M | $253.3M | −1.6% | −3.05% |
| Apr 16, 2026Q1 FY26 | $1.70 | $1.68 | −1.2% | $250.3M | $252.7M | +1.0% | −0.59% |
| Jan 22, 2026Q4 FY25 | $1.65 | $1.70 | +3.0% | $249.6M | $253.9M | +1.7% | −2.76% |
| Oct 16, 2025Q3 FY25 | $1.54 | $1.55 | +0.6% | $242.6M | $243.7M | +0.5% | +2.86% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $242.5M | $250.5M | $335.2M | $339.0M | $290.3M | $289.3M | |
| Gross profit | $161.1M | $172.6M | $205.2M | $253.9M | $212.5M | $210.9M | |
| Operating income | $57.2M | $65.8M | $44.4M | $99.6M | $69.5M | $70.7M | |
| Net income | $44.4M | $51.1M | $34.3M | $75.3M | $79.9M | $81.8M | |
| Diluted EPS | $1.04 | $1.20 | $0.69 | $1.52 | $1.63 | $1.70 | |
| Gross margin | 66.4% | 68.9% | 61.2% | 74.9% | 73.2% | 72.9% | |
| Operating margin | 23.6% | 26.3% | 13.2% | 29.4% | 24.0% | 24.4% |
Fiscal years (4-quarter sums)FY21 $516.0M · FY22 $749.8M · FY23 $911.3M · FY24 $974.1M · FY25 $1.17B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $252.0M · Total debt $701.5M · Total assets $24.97B · Shareholders' equity $3.51B
Dividends
Raised for 31 straight years — most recently to $0.64 from $0.59 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 29, 2026 | Jun 29 | Jul 9 | $0.64 | |
| Mar 30, 2026 | Mar 30 | Apr 9 | $0.64 | raised from $0.59 |
| Dec 29, 2025 | Dec 29 | Jan 7 | $0.59 | |
| Sep 29, 2025 | Sep 29 | Oct 7 | $0.59 | |
| Jun 30, 2025 | Jun 30 | Jul 7 | $0.59 | |
| Mar 31, 2025 | Mar 31 | Apr 7 | $0.59 | raised from $0.57 |
| Dec 30, 2024 | Dec 30 | Jan 6 | $0.57 | |
| Sep 30, 2024 | Sep 30 | Oct 4 | $0.57 |
Ownership
Shares outstanding 48.25M · Float 47.55M · 98.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 6.98M | 14.47% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 3.27M | 6.78% | 13F | Aug 13, 2026 |
| State Street Corp | 2.65M | 5.48% | 13F | Aug 7, 2026 |
| Dimensional Fund Advisors LP | 2.63M | 5.46% | 13F | Aug 11, 2026 |
| Vanguard Capital Management LLC | 2.17M | 4.50% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Thomas R. Venables | director | −3,750 | $83.00 |
| Aug 3, 2026 | Gerard F. Nadeau | director | −5,307 | $84.69 |
| May 18, 2026 | Joseph C. Lerner | director | −2,832 | $77.31 |
| Feb 6, 2026 | John J. Morrissey | director | −1,988 | $85.70 |
| Feb 4, 2026 | Donna L. Abelli | director | −524 | $85.00 |
Peers
- Eastern Bankshares
Direct overlap in Greater Boston banking and wealth
- Beacon Financial
New England branch and commercial-bank peer after merger
- Citizens Financial Group
Super-regional rival for deposits, commercial clients and wealth
- Webster Financial
Larger Northeast bank competing in commercial and consumer banking
- Washington Trust Bancorp
Rhode Island banking and wealth-management overlap
- Camden National
Northern New England community-bank overlap in NH and lending
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Independent Bank | $82.06 | −0.07% | $3.96B | 14.8 | 10.7 | 3.2 | +1.1% |
| Eastern Bankshares | $22.29 | −0.04% | $5.15B | 12.7 | 11.1 | 3.6 | +29.6% |
| Beacon Financial | $31.39 | 0.00% | $2.64B | 23.8 | 9.9 | 2.3 | +92.8% |
| Citizens Financial Group | $71.05 | +1.96% | $29.48B | 15.2 | 11.9 | 2.6 | +12.1% |
| Webster Financial | $77.57 | −0.51% | $12.57B | 12.6 | 11.6 | 2.9 | +3.4% |
| Washington Trust Bancorp | $39.47 | +0.05% | $752.5M | 13.7 | 11.5 | 2.0 | +11.4% |
| Camden National | $56.66 | −0.07% | $958.4M | 10.9 | 10.2 | 2.8 | +20.5% |
| Median | 13.2 | 11.3 | 2.7 | +16.3% |