# EDGAR Filing Document

**Accession Number:** 0000776901
**File Stem:** 0000776901-23-000029
**Filing Date:** 2023-2
**Character Count:** 21103
**Document Hash:** 49c0a8ded58130f1f80722c3c8173a13
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000776901-23-000029.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0000776901-23-000029

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20230216

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INDEPENDENT BANK CORP
- **CENTRAL INDEX KEY:** 0000776901
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 042870273
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09047
- **FILM NUMBER:** 23637307

**BUSINESS ADDRESS:**
- **STREET 1:** 288 UNION STREET
- **CITY:** ROCKLAND
- **STATE:** MA
- **ZIP:** 02370
- **BUSINESS PHONE:** 7818786100

**MAIL ADDRESS:**
- **STREET 1:** 288 UNION STREET
- **CITY:** ROCKLAND
- **STATE:** MA
- **ZIP:** 02370

?xml version="1.0" ? indb-20230216

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15 (d) of

The Securities and Exchange Act of 1934

**DATE OF REPORT:**

February 16, 2023

(Date of Earliest Event Reported)

Massachusetts

(State or Other Jurisdiction of Incorporation)

1-9047 04-2870273 <br> (Commission File Number) (I.R.S. Employer identification No.)

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| | | | | |
|:---|:---|:---|:---|:---|
| **INDEPENDENT BANK CORP.** | **INDEPENDENT BANK CORP.** | **INDEPENDENT BANK CORP.** | **INDEPENDENT BANK CORP.** | **INDEPENDENT BANK CORP.** |
| Office Address: | 2036 Washington Street, | Hanover, | Massachusetts | 02339 |
| Mailing Address: | 288 Union Street, | Rockland, | Massachusetts | 02370 |
| (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) |

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**NOT APPLICABLE**

(Former Address of Principal Executive Offices)

**(781)-878-6100**

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| Title of each Class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, $0.01 par value per share | INDB | NASDAQ Global Select Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17CFR 230.405)) or Rule 12b-2 of the Exchange Act (17CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange

Act. ☐

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| | |
|:---|:---|
| **ITEM 7.01** | **REGULATION FD DISCLOSURE** |

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Attached as Exhibit 99.1 here to is a copy of an investor presentation that will be used at the 2023 KBW Winter Financial Services Conference on Thursday, February 16, 2023.

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| | |
|:---|:---|
| **ITEM 9.01**  | **FINANCIAL STATEMENTS AND EXHIBITS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The following exhibits are included with this Report:

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| | |
|:---|:---|
| <u>Exhibit Index</u> |  |
| <u>Exhibit #</u> | <u>Exhibit Description</u> |
| 99.1 | <u>[Independent Bank Corp. presentation material that will be used at the 2023 KBW Winter Financial Services Conference](kbwinvestorpresentation-.htm)</u> |
| 101 | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |
| 104 | Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101). |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned and hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | | **INDEPENDENT BANK CORP.** |
| Date: | February 16, 2023 | By: | /s/Mark J. Ruggiero |
|  |  |  | MARK J. RUGGIERO |
|  |  |  | CHIEF FINANCIAL OFFICER |

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## Exhibit 99.1

![](kbwinvestorpresentation-001.jpg)

2023 KBW Winter Financial Services Conference February 16, 2023 Rob Cozzone - EVP and Chief Operating Officer Mark Ruggiero - Chief Financial Officer and Chief Accounting Officer

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![](kbwinvestorpresentation-002.jpg)

(2) Who We Are • Independent Bank Corp. (Nasdaq: INDB) ◦ Main Banking Sub: Rockland Trust ◦ Massachusetts based; New England focused (As of December 31, 2022) (Dollars in billions) Total assets $19.3 Loans $13.9 Deposits $15.9 Wealth management $5.8 Market Cap (as of February 10, 2023) $3.7

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![](kbwinvestorpresentation-003.jpg)

(3) Key Messages - Core Franchise • Extensive history of strong financial performance • Expanding footprint in growth markets • Healthy loan and core deposit originations • Diversified fee income business lines • Strong interest rate and liquidity risk profile • Demonstrated resiliency in prior crises • Proven integrator of acquired banks • Strong capital levels • Strong operating efficiency • Disciplined credit and risk management culture

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![](kbwinvestorpresentation-004.jpg)

(4) Recent Accomplishments • Full year '22 operating EPS up 8% in challenging environment • Strong margin expansion in 2022 • Seamless integration of Acquisition of Meridian Bancorp, Inc. and East Boston Savings Bank (EBSB) (assets $6.4B) Nov '21 • Robust new business generation • Business and Consumer Households grew to record levels • Strong net inflow of wealth management assets under administration • Growing presence in Worcester County • Growth initiatives – online account opening, de novo branches, expanded digital offerings, Salesforce module expansion, and senior talent adds

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![](kbwinvestorpresentation-005.jpg)

(5) Acquisition Strategy: Driving Long Term Growth & Shareholder Value Proven Record of Value Add Transactions

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![](kbwinvestorpresentation-006.jpg)

(6) Source: SNL Financial; Deposit/Market Share data as of June 30, 2022 Expanding Company Footprint INDB Market Share\* % of INDB Dep. Plymouth County Rank 2022 1 26.2% 29% Norfolk County Rank 2022 3 6.3% 14% Barnstable County (Cape Cod) Rank 2022 3 12.2% 8% Bristol County Rank 2022 5 8.9% 9% Middlesex County Rank 2022 12 1.8% 9% Suffolk County Rank 2022 8 1.7% 16% Dukes County (MV) Rank 2022 2 17.0% 2% Worcester County Rank 2022 17 2.0% 3% Nantucket County Rank 2022 1 37.5% 3% \*Market share metrics presented above are INDB only

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![](kbwinvestorpresentation-007.jpg)

(7) Sustaining Business Momentum Business Line • Extend Market Presence/Recruit Seasoned Lenders • Grow Client Base / Expanded Lending Capacity • Expand Specialty Products, e.g. ABL, Floorplan • Optimize Loan Origination Process • Continue to Drive Household Growth • Expand Digital Offerings • Expedite New Account Openings • Optimize Branch Network • Capitalize on Strong Market Demographics • Continue Strong Branch/Commercial Referrals • Recruit Senior Professionals • Expand Investment Center Network • Scalable Resi Mortgage Origination Platform • Continue Aggressive HE Marketing • Capitalize on New Credit Card Offerings • Robust Product Set Focal Points

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![](kbwinvestorpresentation-008.jpg)

(8) $184.6 $121.7 $187.6 $268.9 $5.62 $3.66 $5.38 $5.80 Operating Earnings Operating EPS 2019 2020 2021 2022 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $0 $2 $4 $6 $8 $165.2 $121.2 $121.0 $263.8 $5.03 $3.64 $3.47 $5.69 Net Income Diluted EPS 2019 2020 2021 2022 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $1 $2 $3 $4 $5 $6 Financial Performance - Strong Fundamentals \*\*See appendix B for reconciliation Longer Term Trends • Robust loan/deposit originations • Strong core deposit base • Low funding costs • Asset management growth • Powerful mortgage platform • Low credit loss rates • Strong operating efficiency • Accretive acquisitions • TBV focus Current Environmental Factors • Interest rate outlook • Credit conditions • Deposit Flows • Liquidity sources Net Income ($Mil) Operating Earnings ($Mil)\*\*

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![](kbwinvestorpresentation-009.jpg)

(9) Loan Commitment Originations \* (Dollars in Millions) $2,676 $2,958 $3,494 $3,412 Commercial Residential Mortgage Home Equity Business Banking 2019 2020 2021 2022 Strong Business Volumes Despite Pandemic \*Origination amounts presented above do not include loans associated with the Paycheck Protection Program (PPP). Through December 31, 2021 the Company had extended approximately 10,000 loans totaling $1.2 billion.

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![](kbwinvestorpresentation-010.jpg)

(10) Loan Portfolio/Asset Sensitivity Balance sheet position to benefit from rising rate environment Total Loan Portfolio Commercial and industrial 11.7% Commercial real estate 55.6% Commercial construction 8.3% Small business 1.6% Residential real estate 14.6% Home equity - first position 4.1% Home equity - subordinate position 3.8% Other consumer 0.3% Core Net Interest Margin \* 3.00% 3.23% 3.59% 3.82% Q1 2022 Q2 2022 Q3 2022 Q4 2022 2.50% 3.00% 3.50% 4.00% \*See appendix C for reconciliation $13.9B as of 12/31/22 Asset Sensitivity: Balances Subject to Reprice Interest earning cash 100% Loans 30-35% Less: Loan hedges (10-11%) Strong core deposit funding source = historical low deposit betas

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![](kbwinvestorpresentation-011.jpg)

(11) Total Commercial Real Estate Portfolio Residential - Related 31.4% Commercial Buildings 16.8%Office Buildings 14.3% Industrial Warehouse 10.2% Hotels/Motels 8.1% Strip Malls 7.8% All Other 11.4% Loan Portfolio - Commercial Diversification $8.9B as of 12/31/22 Total C&I Loan Portfolio\*\*\*\* Retail Trade: 22.2% Real Estate/Rental and Leasing: 15.3% Construction: 8.9%Administrative Support/Waste Mgmt/Remediation Services : 8.0% Manufacturing: 8.0% Finance and Insurance: 6.1% Wholesale Trade 8.9% Professional, Scientific, and Technical Services:5.4% All Other: 17.2% $1.6B as of 12/31/22 \*Includes 1-4 Family, multifamily, Condos and Approved Land CRE ($ Bil.) $4.5 $4.7 $9.2 $8.9 269% 272% 338% 317% CRE\*\*\* NOO CRE/Capital\*\* 2019 2020 2021 2022 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 300% Note - Percentage based on Rockland Trust bank capital \*\*Non-Owner Occupied Commercial Real Estate divided by Total Capital \*\*\*2021 growth reflects acquisition of EBSB C&I ($ Bil.) $1.4 $1.6 $2.1 $1.6 $1.4 $1.3 $1.4 $1.6 $0.8 $0.2 C&I PPP 2019 2020 2021 2022 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 \*\*\*\*Inclusive of PPP loan balances, which totaled $9.1 million at 12/31/22 \*

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![](kbwinvestorpresentation-012.jpg)

(12) Low Cost Deposit Base Demand Deposits 34.3% Money Market 21.1% Savings/Now 37.1% CDs 7.5% Total Deposits $15.9B as of 12/31/22 Core Deposits ($ Bil.) $7.6 $9.8 $14.3 $14.0 79.9% 89.6% 84.5% 87.9% Core Deposits Core to Total 2019 2020 2021 2022 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 0.0% 20.0% 40.0% 60.0% 80.0% Cost of Deposits 0.47% 0.27% 0.07% 0.15% 2019 2020 2021 2022 00% 0.10% 0.20% 0.30% 0.40% 0.50% • Sizable demand deposit component • Robust new checking account openings • <1% of HH's are CD only • Valuable source of liquidity • Relationship-based approach • Expanded digital access • Growing commercial base

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![](kbwinvestorpresentation-013.jpg)

(13) Investment Management: Transformed Into High Growth Business Longer Term Trends • Successful business model • Growing source of fee revenues • Strong feeder business from Bank AUAs ($ Bil.) $4.6 $4.9 $5.7 $5.8 2019 2020 2021 2022 • Expanding investment center locations • Adding experienced professionals • Capitalizing on cross-sell opportunity in acquired bank markets • Revenues ($ Mil.) $28.7 $29.4 $35.3 $36.8 2019 2020 2021 2022 CAGR+9% Recent Factors • Strong net inflows in 2022 • Higher $ AUA levels in 2022 despite market valuation pressures CAGR +8%

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![](kbwinvestorpresentation-014.jpg)

(14) Nonperforming Loans ($ in millions) $56.6 $55.9 $56.0 $54.9 0.42% 0.41% 0.41% 0.39% NPLs ($Mil) NPL/Loan% Q1 2022 Q2 2022 Q3 2022 Q4 2022 0.35% 0.40% 0.45% $0 $30 $60 Provision for Credit Loss Trends ($ in millions) $0.4 $0.2 $0.0 $0.4 $(2.0) $0.0 $3.0 $5.5 Net Charge-offs (recoveries) Provision for Credit Losses Q1 2022 Q2 2022 Q3 2022 Q4 2022 $(5) $0 $5 $10 Allowance for Credit Loss & Delinquency Trends 1.06% 1.06% 1.08% 1.09% 0.29% 0.40% 0.17% 0.30% Allowance for Credit Losses/Total Loans Delinquent Loans/Total Loans Q1 2022 Q2 2022 Q3 2022 Q4 2022 0.00% 0.50% 1.00% 1.50% • Disciplined underwriter • Low loss rates • High average FICOs and low average LTVs in consumer book • Proactive identification and resolution of problem loans Asset Quality

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![](kbwinvestorpresentation-015.jpg)

(15) Asset Quality: A Look Back • Strong credit results through prior financial crisis • Experienced management and loan workout team • Consistent and conservative credit philosophy

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![](kbwinvestorpresentation-016.jpg)

(16) Book Value $49.69 $51.65 $63.75 $63.25 14.99% 12.89% 14.78% 14.96% 11.28% 9.56% 12.03% 10.99% Book Value Per Share Equity/Assets % Tier 1 Leverage 2019 2020 2021 2022 $0 $10 $20 $30 $40 $50 $60 0% 5% 10% 15% 20% 25% Strong Capital Position Tangible Book Value\* $34.11 $35.59 $42.25 $41.12 10.80% 9.26% 10.31% 10.26% TBV Per Share Tangible Equity/Tangible Assets % 2019 2020 2021 2022 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 0% 2% 4% 6% 8% 10% 12% 14% \* See appendix A for reconciliation • Strong internal capital generation • History of healthy dividend increases • Completed 1.8 million share repurchase for $140MM during 2022 • New October 2022 share repurchase plan, with authorization up to $120MM Cash Dividends Declared Per Share $1.76 $1.84 $1.92 $2.08 2019 2020 2021 2022 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50

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![](kbwinvestorpresentation-017.jpg)

(17) Near-Term Priorities • Sustaining progress under new CEO • Liquidity/Capital Management • Balance sheet management - rising rate environment • Taking disciplined approach to economic uncertainty • Capitalizing on EBSB revenue opportunities • Extending our presence in attractive Worcester market • Branch optimization, including select openings and closings • Continued investment in digital/mobile technology • Aggressive promotion of Rockland Trust brand • Deepening of risk management infrastructure

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![](kbwinvestorpresentation-018.jpg)

(18) INDB Investment Merits • High quality franchise in attractive markets • Consistent, strong financial performance • Strong organic business volumes • Growing brand recognition • Leverageable operating platform • Capitalizing on in-market consolidation opportunities • Diligent stewards of shareholder capital • Grounded management team

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![](kbwinvestorpresentation-019.jpg)

(19) Appendix A: Non-GAAP Reconciliation of Capital Metrics The following table reconciles Book Value per share, which is a GAAP based measure to Tangible Book Value per share, which is a non- GAAP based measure. It also reconciles the ratio of Equity to Assets, which is a GAAP based measure, to Tangible Equity to Tangible Assets, a non-GAAP measure, for the dates indicated: December 31 2022 2021 2020 2019 (Dollars in thousands) Tangible common equity Stockholders' equity (GAAP) $2,886,701 $3,018,449 $1,702,685 $1,708,143 (a) Less: Goodwill and other intangibles 1,010,140 1,017,844 529,313 535,492 Tangible common equity 1,876,561 2,000,605 1,173,372 1,172,651 (b) Tangible assets Assets (GAAP) 19,294,174 20,423,405 13,204,301 11,395,165 (c) Less: Goodwill and other intangibles 1,010,140 1,017,844 529,313 535,492 Tangible assets $18,284,034 $19,405,561 $12,674,988 $10,859,673 (d) Common shares 45,641,238 47,349,778 32,965,692 34,377,388 (e) Common equity to assets ratio (GAAP) 14.96 % 14.78 % 12.89 % 14.99 % (a/c) Tangible common equity to tangible assets ratio (Non-GAAP) 10.26 % 10.31 % 9.26 % 10.80 % (b/d) Book Value per share (GAAP) $63.25 $63.75 $51.65 $49.69 (a/e) Tangible book value per share (Non-GAAP) $41.12 $42.25 $35.59 $34.11 (b/e)

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![](kbwinvestorpresentation-020.jpg)

(20) Appendix B: Non-GAAP Reconciliation of Earnings Metrics The following table reconciles net income and diluted EPS, which are GAAP measures, to operating earnings and diluted EPS on an operating basis, which are Non-GAAP Measures as of the time periods indicated: 2022 2021 2020 2019 (Dollars in thousands, except per share data) Net income available to common shareholders (GAAP) $263,813 $5.69 $120,992 $3.47 $121,167 $3.64 $165,175 $5.03 (a) Non-GAAP adjustments Provision for non-PCD acquired loans — — 50,705 1.45 — — — — Noninterest income components Gain on sale of loans — — — — — — 951 0.03 Noninterest expense components Loss on termination of derivatives — — — — 684 0.03 — — Merger and acquisition expenses 7,100 0.15 40,840 1.17 — — 26,433 0.80 Total impact of noncore items 7,100 0.15 40,840 2.62 684 0.03 25,482 0.77 Less - net tax benefit associated with noncore items (1) (1,995) (0.04) (24,899) (0.71) (192) (0.01) (6,686) (0.20) Add - adjustment for tax effect of previously incurred merger and acquisition expense — — — — — — 650 0.02 Total tax impact (1,995) (0.04) (24,899) (0.71) 492 (0.01) (6,036) (0.18) Net operating earnings (Non-GAAP) $268,918 $5.80 $187,638 $5.38 $121,659 $3.66 $184,621 $5.62 (b) Average assets $19,897,040 $14,854,547 $12,605,611 $10,875,297 (c) Average equity $2,915,896 $1,908,265 $1,699,547 $1,521,921 (d) Return on average assets 1.33 % 0.81 % 0.96 % 1.52 % (a/(c)) Return on average assets on an operating basis 1.35 % 1.26 % 0.97 % 1.70 % (b)/(c)) Return on average common equity 9.05 % 6.34 % 7.13 % 10.85 % (a)/(d)) Return on average common equity on an operating basis 9.22 % 9.83 % 7.16 % 12.13 % (b)/(d)) (1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income.

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![](kbwinvestorpresentation-021.jpg)

(21) Appendix C: Non-GAAP Reconciliation of Core Net Interest Margin The following table reconciles net interest margin which is a GAAP measure, to core net interest margin, which is a Non-GAAP measure, for the periods indicated: Three Months Ended December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Volume Interest Margin Impact Volume Interest Margin Impact Volume Interest Margin Impact Volume Interest Margin Impact (Dollars in thousands, except per share data) Reported total interest earning assets $17,475,269 $169,436 3.85 % $17,852,939 $163,636 3.64 % $17,877,531 $145,817 3.27 % $18,189,578 $138,403 3.09 % Core adjustments: PPP volume @ 1% (9,935) (25) (20,071) (46) (60,969) (149) (148,384) (362) PPP fee amortization (62) (443) (1,762) (3,486) Total PPP impact (9,935) (87) — % (20,071) (489) (0.01) % (60,969) (1,911) (0.03) % (148,384) (3,848) (0.07) % Acquisition fair value marks: Loan amortization (accretion) 259 (624) 823 (83) CD accretion 11 (97) (437) (684) 270 0.01 % (721) (0.02) % 386 0.01 % (767) (0.02) % Nonaccrual interest, net (95) — % (556) (0.01) % 205 — % 310 0.01 % Other noncore adjustments (1,279) (0.04) % (637) (0.01) % (1,106) (0.02) % (773) (0.01) % Core margin (Non-GAAP) $17,465,334 $168,245 3.82 % $17,832,868 $161,233 3.59 % $17,816,562 $143,391 3.23 % $18,041,194 $133,325 3.00 %

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(22) NASDAQ Ticker: INDB www.rocklandtrust.com Mark Ruggiero – CFO & Chief Accounting Officer Shareholder Relations: (781) 982-6737 Statements contained in this presentation that are not historical facts are "forward-looking statements" that are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.

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