Revenue: As of FY2025, the actual value is USD 857.52 M.EPS: As of FY2025, the actual value is USD 4.44, missing the estimate of USD 4.5.EBIT: As of FY2025, the actual value is USD -446.66 M.<h4>Net Income and Earnings Per Share</h4>Net income for the year ended December 31, 2025, was $205.1 million, an increase of 6.8% compared to $192.1 million for the year ended December 31, 2024. Diluted earnings per share decreased by 1.8% to $4.44 in 2025 from $4.52 in 2024. These results for 2025 included pre-tax merger-related costs of $39.6 million and a $34.5 million provision for credit losses on non-PCD loans due to the Enterprise acquisition. Excluding these non-core items, operating net income (Non-GAAP) for 2025 was $260.4 million, compared to $193.4 million in 2024. Operating diluted earnings per share (Non-GAAP) was $5.64 in 2025, compared to $4.55 in 2024.<h4>Net Interest Margin</h4>The net interest margin increased by 29 basis points to 3.57% for the full year 2025, compared to 3.28% in 2024. This increase included an 8 basis point lift from acquired loan purchase accounting accretion.<h4>Loan Portfolio</h4>Total loans increased by $4.0 billion, or 27.5%, to $18.5 billion at December 31, 2025, from $14.5 billion at December 31, 2024. The Enterprise acquisition primarily drove this growth, adding $3.9 billion in loans. Organically, commercial and industrial loans grew by 9.1% ($386.262 million), while commercial real estate loans declined by -3.57% (-$306.572 million), and commercial construction loans declined by -3.26% (-$47.166 million). Residential real estate loans saw an organic decline of -0.45% (-$12.852 million), but home equity loans increased by 5.05% ($62.398 million). Overall organic loan growth for 2025 was 0.45% ($82.287 million).As of December 31, 2025, the loan portfolio composition was: Commercial and industrial: $4,611,789 thousand (24.9% of total loans). Commercial real estate: $8,275,408 thousand (44.7% of total loans). Commercial construction: $1,399,193 thousand (7.6% of total loans). Residential real estate: $2,873,443 thousand (15.5% of total loans). Home equity: $1,297,662 thousand (7.0% of total loans). Other consumer: $46,282 thousand (0.3% of total loans).Gross loans totaled $18,503,777 thousand.<h4>Deposits</h4>Total deposits grew by $4.8 billion, or 31.5%, to $20.1 billion at December 31, 2025, from $15.3 billion at December 31, 2024. The Enterprise acquisition contributed $4.4 billion to this increase, with organic growth of $458.1 million (2.3%). Non-interest bearing demand deposits constituted 27.8% of total deposits in 2025, slightly down from 28.7% in 2024. The total cost of deposits decreased by 10 basis points to 1.53% in 2025 from 1.63% in 2024. Core deposits represented 83.7% of total deposits in 2025, up from 81.7% in 2024. Uninsured deposits were estimated at $6.5 billion in 2025, compared to $5.0 billion in 2024.<h4>Provision for Credit Losses and Asset Quality</h4>Total loan loss provision for 2025 was $65.5 million, which included $34.5 million recognized for non-PCD loans acquired from Enterprise. The allowance for credit losses increased by $19.9 million to $189.9 million at December 31, 2025, from $170.0 million at December 31, 2024. This increase was primarily due to $43.5 million in initial allowance reserves on the acquired Enterprise portfolio ($34.5 million for non-PCD and $9.0 million for PCD loans). Net charge-offs were $54.6 million in 2025, significantly up from $8.5 million in 2024, primarily due to several classified commercial loans.Non-performing loans decreased to $83.557 million (0.45% of gross loans) at December 31, 2025, from $101.529 million (0.70% of gross loans) at December 31, 2024. Non-performing assets were $85.657 million (0.34% of total assets) in 2025, down from $101.529 million (0.52% of total assets) in 2024.<h4>Non-interest Income and Expense</h4>Non-interest income for 2025 was $148.689 million, driven primarily by the Enterprise acquisition. Gross fee revenues from the Investment Management Group were $45.0 million in 2025, up from $38.3 million in 2024. Non-interest expenses were $529.881 million in 2025, compared to $406.366 million in 2024. The GAAP efficiency ratio was 61.79% in 2025, compared to 58.92% in 2024. On an operating basis (Non-GAAP), the efficiency ratio was 57.17% in 2025, compared to 58.64% in 2024.<h4>Investment Management Group</h4>Assets under administration increased to $9.217 billion at December 31, 2025, from $7.035 billion at December 31, 2024. The number of trust, fiduciary, and agency accounts increased to 7,843 in 2025 from 6,637 in 2024.<h4>Capital and Shareholder Returns</h4>Tangible book value per share (Non-GAAP) grew by $0.59 to $47.55 in 2025. Cash dividends declared increased by 3.5% to $2.36 per share in 2025 from $2.28 per share in 2024. The Company repurchased approximately 936,000 shares for $62.4 million in 2025.<h4>Outlook / Guidance</h4>Management believes that Independent Bank Corp. will continue to generate adequate earnings to pay comparable common dividends quarterly. Future success depends on addressing customer needs with technology, creating operational efficiencies, and navigating the competitive financial services industry. The company is actively monitoring considerations for office exposure due to hybrid work models in the current economic environment.

Independent Bank/MA | 10-K: FY2025 Revenue: USD 857.52 M