Independent Bank Corp. Financial Ratios — INDB Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	20.19	16.93	18.02	19.17	18.58	19.58	19.81	24.01	27.49	17.68	16.31	31	23.8	17.07	16.79
Return on Assets (%)	0.94	0.79	0.85	0.96	0.96	1.03	1.1	1.44	1.63	0.99	0.72	1.33	1.24	0.99	0.93
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	4.44	4.4	3.44	4.55	4.29	4.67	4.66	4.04	3.87	5.76	6.54	5.39	5	5.99	4.96
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	28.85	24.67	27.04	31.49	32.1	36.47	39.76	40.33	43.38	32.31	31.19	48.28	43.64	36.18	30.88
Profit Margin (%)	20.95	18.35	20.36	22.5	22.62	24.94	25.77	31.45	32.85	25.61	24.09	36.63	33.17	28.12	24.16
Net Income to Common Margin (%)	20.95	18.35	20.36	22.5	22.62	24.94	25.77	31.45	32.85	25.61	24.09	36.63	33.17	28.12	24.16
Effective Tax Rate (%)	27.4	25.61	24.7	28.54	29.53	31.61	35.19	22	24.27	20.72	22.78	24.14	24	22.27	21.76
Dvd Payout Ratio (%)	35.3	52.77	30.09	37.5	40.29	38.76	39.04	33.03	32.25	50.21	51.85	35.53	40.92	50.08	50.65
Sustainable Growth Rate (%)	13.06	8	12.6	11.98	11.1	11.99	12.07	16.08	18.63	8.8	7.85	19.98	14.06	8.52	8.29

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	322	376	244	209	210	159	161	407	303	181	152	113	1,218	701	826
ST Debt	- -	- -	- -	- -	- -	- -	53	148	- -	- -	- -	- -	- -	- -	50
LT Debt	322	376	244	209	210	159	108	259	303	181	152	113	1,218	701	776
Total Debt/EBITDA	33.38	36.79	28.76	17.24	17.06	11.05	10.22	26.01	15.59	6.64	4.64	2.92	33.75	17.15	19.6
Net Debt/EBITDA	8.72	15.69	3.28	2.52	-5.35	-9.09	-3.31	9.99	7.83	-40.92	-63.62	-6.17	27.53	11.78	1.28
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	4.82	4.58	4.82	5.2	5.11	5.37	5.77	6.18	5.74	5.43	3.76	4.85	5.57	6.06	5.1
Long-Term Debt/Equity (%)	68.55	70.98	41.28	32.59	27.22	18.34	11.42	24.1	17.74	10.63	5.05	3.93	42.08	23.43	21.76
Long-Term Debt/Capital (%)	57.3	58.74	45.39	38.7	36.3	27.68	17.18	27.13	31.65	20.18	16.57	10.82	53.06	37.42	37.03
Long-Term Debt/Total Assets (%)	6.47	6.53	4	3.28	2.91	2.06	1.33	2.92	2.66	1.37	0.75	0.59	6.3	3.62	3.11
Total Debt/Equity (%)	68.55	70.98	41.28	32.59	27.22	18.34	17.06	37.87	17.74	10.63	5.05	3.93	42.08	23.43	23.16
Total Debt/Capital (%)	57.3	58.74	45.39	38.7	36.3	27.68	25.67	42.63	31.65	20.18	16.57	10.82	53.06	37.42	39.41
Total Debt/Total Assets (%)	6.47	6.53	4	3.28	2.91	2.06	1.99	4.59	2.66	1.37	0.75	0.59	6.3	3.62	3.31
Net Debt to Equity	17.92	30.27	4.71	4.76	-8.53	-15.1	-5.52	14.54	8.91	-65.52	-69.18	-8.3	34.33	16.09	1.51
Net Debt/Capital (%)	25.97	37.78	8.67	8.45	-21.74	-45.99	-12.58	22.2	18.86	279.44	158.07	-34.45	47.98	29.1	4.08
EBITDA	10	10	8	12	12	14	16	16	19	27	33	39	36	41	42
EBITDA-CapEx	1	4	-1	4	2	4	-9	5	3	15	8	17	20	20	30
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	4.82	4.58	4.82	5.2	5.11	5.37	5.77	6.18	5.74	5.43	3.76	4.85	5.57	6.06	5.1
Long-Term Debt/Equity (%)	68.55	70.98	41.28	32.59	27.22	18.34	11.42	24.1	17.74	10.63	5.05	3.93	42.08	23.43	21.76
Long-Term Debt/Capital (%)	57.3	58.74	45.39	38.7	36.3	27.68	17.18	27.13	31.65	20.18	16.57	10.82	53.06	37.42	37.03
Long-Term Debt/Total Assets (%)	6.47	6.53	4	3.28	2.91	2.06	1.33	2.92	2.66	1.37	0.75	0.59	6.3	3.62	3.11
Total Debt/Equity (%)	68.55	70.98	41.28	32.59	27.22	18.34	17.06	37.87	17.74	10.63	5.05	3.93	42.08	23.43	23.16
Total Debt/Capital (%)	57.3	58.74	45.39	38.7	36.3	27.68	25.67	42.63	31.65	20.18	16.57	10.82	53.06	37.42	39.41
Total Debt/Total Assets (%)	6.47	6.53	4	3.28	2.91	2.06	1.99	4.59	2.66	1.37	0.75	0.59	6.3	3.62	3.31
CFO/Total Liabilities	1.25	0.84	2.57	1.58	1.39	1.36	1.83	1.82	2.24	0.56	1.09	2.57	1.68	1.4	1.18
CFO/CapEx	6.79	7.02	15.21	11.76	8.54	8.94	5.22	12.77	13.06	5.14	7.55	19.08	17.48	11.25	20.7
Altman's Z-Score	0.19	0.18	0.21	0.23	0.23	0.28	0.29	0.28	0.3	0.24	0.18	0.25	0.23	0.23	0.21

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover

- -

Days Sales Outstanding

- -

Inventory Turnover

- -

Days Inventory Outstanding

- -

Accounts Payable Turnover

- -

Accounts Payable Turnover Days

- -

Cash Conversion Cycle

- -

Inventory to Cash Days

- -

Inventories

- -

Raw Materials

- -

Work In Process

- -

Finished Goods

- -

Other Inventory

- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	585	631	900	1,023	1,204	1,860	1,906	1,940	2,731	2,429	2,843	3,915	2,908	2,728	3,374
- Cash & Cash Equivalents	238	215	216	178	276	289	213	250	151	1,297	2,241	353	224	220	772
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	322	376	244	209	210	159	161	407	303	181	152	113	1,218	701	826
Enterprise Value	363	462	571	705	771	1,366	1,407	1,653	2,457	901	-816	2,276	2,567	1,959	2,991
Total Capital	561	640	538	539	578	573	627	954	958	897	920	1,048	2,296	1,875	2,095
Total Debt/Capital (%)	57.3	58.74	45.39	38.7	36.3	27.68	25.67	42.63	31.65	20.18	16.57	10.82	53.06	37.42	39.41
Total Debt / EV	0.88	0.81	0.43	0.3	0.27	0.12	0.11	0.25	0.12	0.2	-0.19	0.05	0.47	0.36	0.28
EV/Sales	1.68	1.99	2.31	2.65	2.69	4.45	4.16	4.28	4.89	1.9	- -	3.16	3.56	2.87	3.52
EV/EBITDA	37.72	45.2	67.28	58.23	62.68	95.16	89.27	105.79	126.4	33.04	- -	58.67	71.11	47.9	70.97
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	6.43	10.5	4.04	7.81	8.62	14.7	10.75	11.66	11.35	13.94	- -	5.4	9.27	8.52	11.91
EV/Free Cash Flow to Firm	5.61	9.19	3.79	7.2	7.71	13.22	9.02	10.81	10.54	11.67	- -	5.14	8.77	7.82	11.36
Diluted Market Cap	585	631	903	1,027	1,208	1,864	1,912	1,944	2,735	2,431	2,844	3,917	2,908	2,729	3,376
Diluted Enterprise Value	669	792	931	1,058	1,142	1,733	1,860	2,100	2,887	1,316	756	3,677	3,902	3,210	3,430
EV per Share	16.96	21.19	24.82	29.5	29.79	51.73	51.55	59.92	74.89	27.09	- -	49.09	58.11	46.08	64.78
TTM Sales	217	232	247	266	287	307	338	387	503	473	502	720	722	683	849
TTM EBITDA	10	10	8	12	12	14	16	16	19	27	33	39	36	41	42
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	56	44	141	90	90	93	131	142	217	65	190	421	277	230	251
TTM Free Cash Flow to Firm	65	50	151	98	100	103	156	153	233	77	215	443	293	250	263

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	9.04	12.58	6	10.48	12.07	18.04	12.26	12.71	11.73	31.48	13.2	8.84	9.93	10.9	12.82
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	363	462	571	705	771	1,366	1,407	1,653	2,457	901	-816	2,276	2,567	1,959	2,991
Low Price	20.23	25.85	29.18	32.97	37.78	39.58	57.2	66.12	62.33	49.25	68.14	74.28	43.28	45.11	52.15
EV/Sales	1.68	1.99	2.31	2.65	2.69	4.45	4.16	4.28	4.89	1.9	- -	3.16	3.56	2.87	3.52
EV/EBITDA	37.72	45.2	67.28	58.23	62.68	95.16	89.27	105.79	126.4	33.04	- -	58.67	71.11	47.9	70.97
Price/Earnings	12.87	14.79	17.91	17.1	18.54	24.27	21.86	15.95	16.54	20.05	23.5	14.84	12.14	14.2	16.45
Price/Earnings Average	12.34	14.69	15.66	15.11	18	17.54	21.09	17.77	15.46	18.23	23.06	14.48	10.91	12.78	14.95
Price/Earnings High	14.14	16.22	18.19	17.48	21.26	24.79	23.88	21.55	17.41	23.03	28.78	16.11	15.7	17.09	17.59
Price/Earnings Low	9.54	13.21	13.36	13.17	15.06	13.63	17.9	15	12.38	13.52	19.64	13.06	7.98	9.98	11.74
Price/Book Value	2.44	2.39	3.06	3.09	3.27	4.49	4.09	3.55	4.17	3.39	3.71	4.19	2.7	2.33	2.66
Price/Book Value Average	2.34	2.37	2.68	2.73	3.17	3.24	3.94	3.95	3.9	3.08	3.64	4.09	2.42	2.09	2.42
Price/Book Value High	2.68	2.62	3.11	3.16	3.75	4.58	4.47	4.79	4.39	3.9	4.54	4.55	3.49	2.8	2.84
Price/Book Value Low	1.81	2.13	2.29	2.38	2.65	2.52	3.35	3.34	3.12	2.29	3.1	3.68	1.77	1.63	1.9
Price/Tangible Book Value	1.78	1.72	2.2	2.22	2.16	2.94	2.71	2.42	2.33	2.07	1.42	2.09	1.54	1.37	1.44
Price/Tangible Book Value Average	1.71	1.71	1.92	1.96	2.09	2.12	2.62	2.69	2.18	1.88	1.39	2.04	1.38	1.23	1.31
Price/Tangible Book Value High	1.96	1.88	2.24	2.27	2.47	3	2.96	3.27	2.45	2.38	1.74	2.26	1.99	1.64	1.54
Price/Tangible Book Value Low	1.32	1.53	1.64	1.71	1.75	1.65	2.22	2.27	1.74	1.4	1.19	1.84	1.01	0.96	1.03
Price/Sales	2.7	2.71	3.65	3.85	4.19	6.05	5.63	5.02	5.43	5.14	5.66	5.44	4.03	3.99	3.97
Price/Sales Average	2.59	2.7	3.19	3.4	4.07	4.38	5.43	5.59	5.08	4.67	5.56	5.3	3.62	3.59	3.61
Price/Sales High	2.96	2.98	3.7	3.93	4.81	6.18	6.15	6.78	5.72	5.9	6.93	5.9	5.21	4.8	4.25
Price/Sales Low	2	2.42	2.72	2.96	3.41	3.4	4.61	4.72	4.07	3.46	4.73	4.78	2.65	2.81	2.84
Price/Cash Flow	10.35	14.35	6.37	11.33	13.45	20.02	14.56	13.68	12.62	37.58	14.95	9.3	10.5	11.87	13.43
Price/Cash Flow Average	9.93	14.25	5.57	10.01	13.06	14.47	14.05	15.23	11.79	34.17	14.67	9.07	9.43	10.68	12.21
Price/Cash Flow High	11.38	15.73	6.47	11.59	15.42	20.45	15.91	18.48	13.28	43.17	18.3	10.09	13.58	14.28	14.37
Price/Cash Flow Low	7.67	12.81	4.75	8.73	10.92	11.25	11.93	12.86	9.45	25.34	12.49	8.18	6.9	8.34	9.59
Price/Free Cash Flow Average	8.67	12.49	5.24	9.27	11.72	13.04	11.82	14.16	10.97	28.62	12.96	8.62	8.93	9.81	11.66
Price/Free Cash Flow High	9.93	13.79	6.09	10.72	13.84	18.43	13.39	17.18	12.35	36.16	16.17	9.59	12.85	13.11	13.71
Price/Free Cash Flow Low	6.7	11.23	4.47	8.07	9.8	10.14	10.04	11.96	8.79	21.23	11.04	7.77	6.53	7.66	9.15
EV/Sales Average	2.97	3.39	3.3	3.51	3.84	3.95	5.28	5.99	5.38	2.31	1.4	4.97	5	4.3	3.68
EV/Sales High	3.35	3.67	3.82	4.05	4.58	5.76	6	7.18	6.02	3.54	2.77	5.57	6.58	5.51	4.31
EV/Sales Low	2.39	3.11	2.83	3.08	3.18	2.98	4.46	5.12	4.37	1.1	0.57	4.45	4.02	3.51	2.9
EV/EBITDA Average	66.93	77	95.95	77.2	89.69	84.57	113.38	148.24	139.19	40.08	21.4	92.28	99.92	71.8	74.07
EV/EBITDA High	75.41	83.39	110.97	88.94	106.87	123.26	128.83	177.7	155.75	61.44	42.46	103.36	131.7	92.05	86.92
EV/EBITDA Low	53.71	70.83	82.37	67.6	74.14	63.71	95.76	126.72	113.03	19.16	8.77	82.6	80.5	58.66	58.41
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	27.29	28.95	39.12	42.81	46.52	70.45	69.85	70.31	83.25	73.04	81.53	84.43	65.81	64.19	73.08
High Price	29.99	31.74	39.73	43.78	53.34	71.95	76.3	95	87.64	83.9	99.85	91.65	85.12	77.23	78.17
Enterprise Value Average	645	786	815	935	1,104	1,214	1,787	2,317	2,706	1,093	702	3,581	3,607	2,936	3,121
Enterprise Value High	727	852	942	1,077	1,315	1,769	2,030	2,777	3,028	1,675	1,394	4,010	4,755	3,764	3,663
Enterprise Value Low	517	723	699	818	912	915	1,509	1,980	2,197	522	288	3,205	2,906	2,399	2,462

Shares Outstanding	21	23	24	24	26	27	27	28	34	33	47	46	43	42	49
Diluted Weighted Avg Shares	21	22	23	24	26	26	27	28	33	33	35	46	44	43	46
Basic Weighted Avg Shares	21	22	23	24	26	26	27	28	33	33	35	46	44	42	46
Revenue per Share	10.12	10.66	10.73	11.13	11.09	11.64	12.4	14.01	15.32	14.22	14.4	15.53	16.34	16.07	18.39
EBITDA per Share	0.45	0.47	0.37	0.51	0.48	0.54	0.58	0.57	0.59	0.82	0.94	0.84	0.82	0.96	0.91
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.12	1.96	2.18	2.5	2.51	2.9	3.19	4.41	5.03	3.64	3.47	5.69	5.42	4.52	4.44
Basic EPS from Cont Ops	2.12	1.96	2.18	2.5	2.51	2.9	3.19	4.41	5.03	3.64	3.47	5.69	5.42	4.52	4.44
Diluted EPS, GAAP	2.12	1.95	2.18	2.49	2.5	2.9	3.19	4.4	5.03	3.64	3.47	5.69	5.42	4.52	4.44
Diluted EPS from Cont Ops	2.12	1.95	2.18	2.49	2.5	2.9	3.19	4.4	5.03	3.64	3.47	5.69	5.42	4.52	4.44
Dividend per Share	0.75	1.03	0.66	0.94	1.01	1.13	1.25	1.46	1.62	1.83	1.8	2.02	2.22	2.26	2.25
Cash Flow per Share	2.64	2.02	6.14	3.78	3.46	3.52	4.8	5.14	6.6	1.94	5.45	9.08	6.27	5.41	5.44
Free Cash Flow per Basic Share	2.25	1.73	5.74	3.46	3.05	3.12	3.88	4.74	6.09	1.56	4.73	8.61	5.91	4.93	5.18
Cash & Equivalents per Share	25.34	25.01	24.91	22.04	24.84	24.72	24.2	25.12	17.6	51.4	109.31	37.78	35.28	34.61	26.19
Book Value per Share	11.19	12.12	12.77	13.84	14.23	15.69	17.08	19.82	19.95	21.54	22	20.16	24.4	27.6	27.5
Tangible Book Value per Share	15.33	16.86	17.77	19.26	21.57	23.99	25.74	29.07	35.74	35.28	57.37	40.47	42.82	46.96	50.72

Independent Bank Corp.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)