On this page of StockholderLetter.com we present the latest annual shareholder letter from INDEPENDENT BANK CORP — ticker symbol INDB. Reading current and past INDB letters to shareholders can bring important insights into the investment thesis.

 •  3/27/2025 Letter Continued (Full PDF)
 •  More "Banking & Savings" Category Stockholder Letters
 •  INDB Benford's Law Stock Score = 71

INDB Shareholder/Stockholder Letter Transcript:

2024
ANNUAL
REPORT

ROCKLAND TRUST,
the sole subsidiary of Independent Bank Corp. (INDB), is a
full-service commercial bank headquartered in Massachusetts. The Bank employs over 1,800
colleagues and operates from more than 120 branches, 19 commercial lending centers,
11 investment management offices, and 8 mortgage offices.
Rockland Trust provides personal and business banking, commercial lending,
investment management, insurance, credit cards, mortgage and
home equity lending, as well as mobile and online banking.
FINANCIAL CONDITION DATA
(Dollars in thousands, except per share data)
Loans
Total assets
Total deposits
Stockholders    equity
As of and for the year ended December 31
2024
2023
2022
2021
2020
$14,508,378
19,373,565
15,305,978
2,993,120
$14,278,070
19,347,373
14,865,547
2,895,251
$13,928,675
19,294,174
15,879,007
2,886,701
$13,587,286
20,423,405
16,917,044
3,018,449
$ 9,392,866
13,204,301
10,993,170
1,702,685
11.32%
10.96%
10.99%
12.03%
9.56%
$561,729
128,014
406,366
192,081
$606,521
124,609
392,746
239,502
$613,249
114,667
373,662
263,813
$401,559
105,850
332,529
120,992
$ 367,728
111,440
273,832
121,167
$4.52
2.28
$5.42
2.20
$5.69
2.08
$3.47
1.92
$ 3.64
1.84
0.99%
6.53%
3.28%
1.24%
8.31%
3.54%
1.33%
9.05%
3.46%
0.81%
6.34%
3.02%
0.96%
7.13%
3.29%
0.70%
0.52%
0.38%
0.28%
0.39%
0.28%
0.20%
0.14%
0.71%
0.51%
CAPITAL RATIOS
Tier 1 leverage capital ratio
FINANCIAL DATA
Net interest income
Noninterest income
Noninterest expenses
Net income
PER SHARE DATA
Net income   diluted
Cash dividends declared
OPERATING RATIOS
Return on average assets
Return on average common equity
Net interest margin (on a fully tax-equivalent basis)
ASSET QUALITY RATIOS
Nonperforming loans as a percent of gross loans
Nonperforming assets as a percent of total assets
The selected consolidated financial and other data of the Company set forth above does not purport to be complete and
should be read in conjunction with, and is qualified in its entirety by the more detailed information, including the Consolidated
Financial Statements and related notes, appearing in the Company   s Form 10-K.
2
INDEPENDENT BANK CORP. | 2024 ANNUAL REPORT

TO MY FELLOW
COLLEAGUES, CUSTOMERS,
AND SHAREHOLDERS,
For over a century, Rockland Trust has lived its strong
values through the dedicated individuals who
bring them to life. In every economic environment,
and through every challenge and opportunity, we
have remained focused on long-term growth and
sustainability.
This steady approach was key to our performance in
2024, a year marked by changing interest rates, new
regulations, and evolving customer expectations.
Rather than chasing trends, we stayed committed to
what we do best   building relationships. This shared
vision helped us deliver another strong year.
WHERE EACH
RELATIONSHIP
MATTERS  
JEFFREY TENGEL
CHIEF EXECUTIVE OFFICER
INDEPENDENT BANK CORP. & ROCKLAND TRUST
IN 2024, WE:
    Increased deposits by $440.4 million, reaching
$15.3 billion
    Grew loans by $230.3 million, totaling $14.5
billion
    Increased wealth assets under administration by
$497.4 million to over $7.0 billion
    Grew tangible book value per share by $2.83 to
$46.96
    Climbed from #14 to #3 in Massachusetts for the
number of Small Business Association (SBA) 7(a)
loans, which help small businesses start, expand,
and recover
    Launched a new specialized group within our
commercial division to serve non-profits
    Continued investing in our people and
processes, while building out our best-in-class
Information Technology/Operations function
    Announced the acquisition of Enterprise Bank,
expected to close in 2025*
While these milestones paint a picture of our success,
it is the real-life experiences of our colleagues and
customers that truly give our work purpose.
*Subject to customary closing conditions, including regulatory approvals and approval of Enterprise shareholders.
INDEPENDENT BANK CORP. | 2024 ANNUAL REPORT
3

EACH MOMENT MATTERS
Being a strong local bank goes beyond processing transactions. It is about being a trusted partner, a steady
presence in uncertain times, and a champion of local communities.
At its best, banking is about understanding people   s goals and investing in their success. It is about being thoughtful
and respectful in every interaction   whether a customer is opening their first savings account, securing a small
business loan, or planning for retirement.
CUSTOMER STORIES
FALL RIVER VISION
Dr. Christina Herald opened an optometry
practice dedicated to helping individuals
with vision challenges   both in-office and
through mobile eye care. She understood
firsthand the importance of bringing care
directly to those who need it most. When
a devastating fire destroyed her office,
Rockland Trust stepped in to help her
secure a new space. In 2024, she reopened
her practice in a new location and remains
deeply committed to supporting her
community, providing comprehensive eye
care to her patients.
NILO   S MARKET
Nilo   s Market began with a dream: to
bring the flavors of Brazil to Quincy   s
diverse community. With support
from Rockland Trust, the Lopes family
opened their first international grocery
store in 2018, creating a place where
people from all backgrounds could
find familiar ingredients and share their
cultures. As demand grew, the Bank
helped them open a second location
in Holbrook in 2024, enabling them
to introduce even more people to the
tastes of home while fostering a deeper
sense of community.
4
INDEPENDENT BANK CORP. | 2024 ANNUAL REPORT

These stories could not happen without engaged colleagues who care deeply about the work they do. Their
dedication to our mission, to be the Bank and workplace Where Each Relationship Matters  , is what sets us apart.
Having the right tools, such as products and services, is important   but it is our skilled and determined team
members that create something truly meaningful. It all begins with our people.
A COMMITMENT TO CULTURE
In 2024, our President, Gerry Nadeau, celebrated 40 years with Rockland Trust. Since I joined the Bank in 2023, I   ve
had the privilege of learning from Gerry. He is a brilliant link to the organization   s past and a fervent steward of the
Rockland Trust culture. To honor this milestone, we sat down to talk about his experiences.
Q: What has kept you at Rockland Trust all these years?
A: The people who work here, the friendships I   ve made, how
the Bank is run, and the culture. It   s a fellowship. Everyone is
caring and maintains a shared view of Rockland Trust   s mission
and purpose. I also appreciate that the Company has invested
in my career and supported my involvement with various nonprofit organizations. And, of course, I have enjoyed building
relationships with our customers.
Q: In your opinion, what makes Rockland Trust special,
and why do you think it has been able to thrive for so
many years?
A: Overwhelmingly, regardless of who the CEO or leaders
are, the underlying culture, business ethics, practices, and
employee concern and engagement stay consistent. We   re
part of a very small group of banks that were stock from day
one. We   ve also been a commercial bank since day one. Those
are just a few of the things that differentiate Rockland Trust.
Q: Looking ahead, what excites you most about the
future of the bank?
A: Opportunity. Large banks make mistakes every day
because of their size. They are more concerned about making
a profit than they are with their customer   s needs. The friction
point for most customers today is,    If I have a problem with
my account, who will call me back?    Being available, being
humble, and doing right by the customer makes all the
difference.
When asked what he wants to be remembered for when he
retires one day, he simply said,    That I cared.   
Gerry embodies all the best things about Rockland Trust. His
reflections remind us that while much may change, one thing
never will, our deep commitment to the people and places we
serve. At our core, we will always be a community-first bank.
GERARD NADEAU
PRESIDENT - INDEPENDENT BANK CORP.
& ROCKLAND TRUST



 3/27/2025 Letter Continued (Full PDF)