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Massachusetts community bank (Rockland Trust) offering retail, commercial and wealth-management banking.
Massachusetts community bank (Rockland Trust) offering retail, commercial and wealth-management banking.
Earns most of its income from the spread between what it charges on loans, mainly to local businesses and commercial property, and what it pays on deposits, with wealth-management and deposit fees adding to it. Its 2025 purchase of Enterprise Bancorp extended its reach in Massachusetts and southern New Hampshire.
Moat: narrow (scale, distribution). Long-established Massachusetts branch network and local relationships.
Headquarters: Rockland, Massachusetts, US · Founded: 1907 · Employees: 2,294
Size Independent Bank (INDB) is a United States Financials company (Regional Banks) with a market value of $3.94B, the 1353rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $84.10 on 6 Nov 2026.
Performance Over six months the shares gained 7.5%, against +6.5% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 24.6% over the last twelve months (peer median +2.9%); the operating margin is 44.4% (peer median 41.3%).
Valuation It trades at 1.14× book value against a peer median of 1.25× (10th cheapest of 21).
Price implies The share price implies a return on equity of about 9.5%; Independent Bank delivers 9.3%, so the price asks more than the business earns today.
Short interest Short interest is 4.8% of the free float (15 Oct 2026).
Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.34B | $1.17B | $978M | $916M | $755M |
| Revenue growth | — | +19% | +7% | +21% | — |
| Net income | $327M | $205M | $192M | $240M | $264M |
| Free cash flow | n/a | $240M | $209M | $262M | $399M |
| Capital expenditure | n/a | $12.3M | $20.5M | $16.0M | $22.2M |
| Total debt | $627M | $901M | $758M | $1.27B | $174M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Independent Bank INDB | $3.94B | +8% | +25% | 9% | 1.14× | 9.5% |
| Eastern Bankshares EBC | $5.22B | +14% | +61% | 10% | 1.23× | 9.6% |
| Beacon Financial BBT | $2.57B | +6% | +74% | 9% | 1.02× | 7.9% |
| Webster Financial WBS | n/a | +7% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INDB | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.1% | +2.1% | 3rd highest of 21 |
| 6-month return | +7.5% | +6.5% | 10th highest of 21 |
| Return on equity | 9.3% | 8.6% | 9th highest of 21 |
| Price / book | 1.14× | 1.25× | 10th cheapest of 21 |
| Trailing P/E | 12.4× | 11.9× | 8th most expensive of 19 |
| ROE the price implies | 9.5% | 9.8% | 9th least demanding of 20 |
| ROE delivered | 9.3% | 8.7% | 9th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Independent Bank INDB | United States | $3.94B | +8% | +25% | 9% | 1.14× | 9.5% | 9.3% |
| First Bancorp FBP | United States | $3.92B | +8% | +3% | 19% | 2.09× | 15.7% | 19.4% |
| CVB Financial CVBF | United States | $3.99B | +12% | +23% | 9% | 1.27× | 9.8% | 8.6% |
| Hirogin 7337.T | Japan | $3.89B | +9% | +26% | 8% | 0.99× | 7.4% | 8.2% |
| BancFirst BANF | United States | $3.87B | +2% | -3% | 14% | 1.94× | 12.7% | 13.6% |
| Zuger Kantonalbank ZUGER.SW | Switzerland | $4.04B | +8% | -10% | 8% | 2.03× | n/a | 8.3% |
| Karur Vysya Bank KARURVYSYA.NS | India | $3.80B | +18% | +14% | 21% | 2.32× | 30.7% | 21.0% |
| Bank Handlowy w Warszawie BHW.WA | Poland | $4.09B | +7% | -22% | 17% | 1.72× | 17.1% | 16.7% |
| EQB EQB.TO | Canada | $3.79B | +3% | -4% | 0% | 1.44× | 12.8% | -0.1% |
| Chugin Financial Group,Inc 5832.T | Japan | $3.76B | +10% | +34% | 8% | 0.86× | 6.5% | 8.3% |
| WesBanco WSBC | United States | $3.70B | +13% | +17% | 9% | 0.96× | 8.2% | 8.8% |
| International Bancshares IBOC | United States | $4.20B | -8% | +2% | 13% | 1.25× | 9.8% | 12.9% |
| Cathay General Bancorp CATY | United States | $4.24B | +12% | +3% | 12% | 1.39× | 11.8% | 12.2% |
| Twenty One Capital XXI | United States | $3.57B | -36% | n/a | -12% | 1.38× | 7.6% | n/a |
| Bendigo & Adelaide Bank BEN.AX | Australia | $4.36B | +5% | -6% | 6% | 0.93× | 11.0% | 5.6% |
| Renasant RNST | United States | $3.55B | -2% | +20% | 9% | 0.93× | 9.5% | 8.7% |
| Yamaguchi Financial 8418.T | Japan | $3.54B | +6% | +19% | 6% | 0.84× | 5.8% | 5.7% |
| United Community Banks UCB | United States | $4.43B | +11% | -18% | 4% | 1.26× | 10.9% | 4.1% |
| First Interstate BancSystem FIBK | United States | $3.50B | +4% | -4% | 10% | 1.12× | 9.0% | 9.5% |
| Jiangsu Changshu Rural Commercial Bank 601128.SS | China | $3.48B | -4% | -1% | 14% | 0.67× | 2.5% | 13.8% |
| Nishi-Nippon Financial 7189.T | Japan | $3.47B | +3% | +28% | 8% | 0.88× | 6.9% | 7.8% |