Independent Bank Corp., incorporated on June 20, 1985, is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management. As of December 31, 2016, the bank had operated 80 full service and three limited service retail branches, 11 commercial banking centers, five investment management offices and one mortgage lending center, all of which located in Eastern Massachusetts.
Lending Activities
The Bank classifies loans as commercial loans, consumer real estate loans or other consumer loans. Commercial loans consist of commercial and industrial loans, commercial real estate loans, commercial construction loans, and small business loans. Asset-based loans consist primarily of revolving lines of credit but also include term loans. Commercial real estate loans consists of commercial mortgages, including mortgages for construction purposes that are secured by non-residential properties, multifamily properties, or one- to four-family rental properties. Consumer real estate consists of residential mortgages, and home equity loans and lines that are secured primarily by owner-occupied residences and mortgages for the construction of residential properties. Other consumer loans include personal lines of credit and amortizing loans made to qualified individuals for various purposes, such as debt consolidation, personal expenses or overdraft protection.
The Bank's borrowers consist of small-to-medium sized businesses and consumers. All of the Bank's commercial, consumer real estate, and other consumer loan portfolios consist of loans made to residents of and businesses located in the Bank's market area. The majority of the real estate loans in the Bank's loan portfolio are secured by properties located within this market area. The Bank also utilizes the services of an independent third-party to provide loan review services, which consist of a range of monitoring techniques performed after a loan becomes part of the Bank's portfolio. The Bank's Controlled Asset and Consumer Collections departments are responsible for the management and resolution of nonperforming loans. Other Real Estate Owned (OREO) includes properties, which have served as collateral to secure loans that are controlled or owned by the Bank.
The Bank offers secured and unsecured commercial loans for business purposes. The Bank also provides automobile and, to a lesser extent, boat, recreational vehicle and other vehicle floor plan financing. Floor plan loans are secured by the automobiles, boats, or other vehicles, which constitute the dealer's inventory. As of December 31, 2016, the Company had a $36.3 million of Small Business Administration (SBA) guaranteed loans in the commercial and industrial and commercial real estate loan categories, and $9.9 million of SBA guaranteed loans in the small business loan category.
The Bank's commercial real estate portfolio includes loans secured by a range of property types, such as owner-occupied and non-owner-occupied commercial, retail, office, industrial, warehouse, industrial development bonds, and other special purpose properties, such as hotels, motels, nursing homes, restaurants, churches, recreational facilities, marinas and golf courses. Commercial real estate also includes loans secured by certain residential-related property types, including multi-family apartment buildings, residential development tracts and condominiums. Also included in the commercial real estate portfolio are industrial developmental bonds. The Bank owns certain bonds issued by various state agencies, municipalities and non-profit organizations that it categorizes as loans. As of December 31, 2016, the Company's commercial construction portfolio included $320.4 million. The Bank's consumer real estate loans consist of loans and lines secured by one- to four-family residential properties. The Bank originates both fixed-rate and adjustable-rate residential real estate loans. As of December 31, 2016, the Company net loans included $5.93 billion.
Investment Activities
The Bank's securities portfolio consists of the United States treasury securities, the United States government agency securities; agency mortgage-backed securities; agency collateralized mortgage obligations; state, county, and municipal securities; corporate debt; single issuer and pooled trust preferred securities issued by banks and insurers, and marketable securities, consisting primarily of investments in mutual funds. As of December 31, 2016, the Company total securities totaled $851.5 million.
Sources of Funds
Deposits obtained through the Bank's branch banking network are the principal source of the Bank's funds for use in lending and for other general business purposes. The Bank offers a range of demand deposits, interest checking, money market accounts, savings accounts and time certificates of deposit. Borrowings consist of short-term and long-term obligations and may consist of Federal Home Loan Bank (FHLB) advances, federal funds purchased, securities sold under repurchase agreements, junior subordinated debentures, and other borrowings. As of December 31, 2016, the Company's total borrowings were $335.5 million. As of December 31, 2016, the Company's total deposits included $6.4 billion.
288 Union St
The company trades on NASDAQ exchange. The company headquarter is located in Massachusetts, MA. The company was established in the 1907.| Ticker | INDB |
| Long Name | Independent Bank Corp. |
| Short Name | Independent Bank |