INDB
Financial ServicesIndependent Bank Corp. · Banks - Regional · $4B
What is Independent Bank Corp.?
Independent Bank Corp. is the holding company for Rockland Trust Company, a Massachusetts-based community bank serving individuals and small-to-medium sized businesses across Eastern Massachusetts. The bank has operated in the region for well over a century.
Rockland Trust generates revenue primarily through traditional banking activities — accepting deposits and extending loans across commercial real estate, commercial and industrial, small business, and consumer categories. The bank also earns fee income through investment management, trust services, financial planning, and insurance product distribution. Its branch network spans multiple counties in Eastern Massachusetts, complemented by digital banking channels that extend its reach to customers who prefer mobile and internet banking.
Independent Bank Corp. was incorporated in 1986 and is headquartered in Rockland, Massachusetts.
- Commercial and industrial loans for small-to-medium businesses
- Commercial real estate and construction financing
- Consumer and personal lending products
- Investment management, trust, and estate services
- Internet and mobile banking with debit and ATM access
Is INDB a Good Stock to Buy?
UQS Score rates INDB as Below Average overall, reflecting meaningful headwinds across several key dimensions.
The Quality pillar stands out as the relative bright spot, suggesting the bank maintains reasonable operational discipline and balance sheet management compared to peers. Valuation is rated Attractive, meaning the stock may not be pricing in a premium relative to its fundamentals — a factor worth noting for value-oriented investors.
Both the Moat and Risk pillars are rated Weak, indicating limited competitive differentiation and above-average exposure to financial or macro risks. The Growth pillar comes in Neutral, pointing to a lack of meaningful near-term expansion catalysts.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does INDB pay dividends?
Yes — Independent Bank Corp. pays a dividend.
Independent Bank Corp. pays a regular dividend, consistent with the income-oriented tradition of community banks. Regional banks of this profile typically maintain dividend programs to attract income-focused shareholders. The payout reflects the company's preference for returning capital to investors rather than pursuing aggressive reinvestment strategies.
When does INDB report earnings?
Independent Bank Corp. reports earnings on a quarterly cadence, typical for US-listed bank holding companies.
As a community bank, INDB's quarterly results are shaped by net interest margin trends, loan growth, credit quality, and fee income from wealth management. Shifts in the interest rate environment tend to have an outsized influence on reported results relative to non-bank peers.
For the most recent quarter's results, visit Independent Bank Corp.'s investor relations page directly.
INDB Price History
+12.7% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Independent Bank Corp.?
Based on Independent Bank Corp.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
INDB Long-term Outlook
The UQS Growth pillar for INDB is rated Neutral, suggesting the bank is not expected to meaningfully outpace or underperform its regional peers in the near term. The Weak Risk rating introduces uncertainty around how macro or credit-cycle pressures could affect future earnings. The Attractive Valuation label indicates the market may already be discounting some of these concerns, leaving room for re-rating if fundamentals stabilize.
Growth drivers
- Potential benefit from a stabilizing or declining interest rate environment improving net interest margins
- Wealth management and trust fee income as a diversification lever beyond traditional lending
- Deepening relationships with small-to-medium businesses across Eastern Massachusetts
Key risks
- Weak Moat rating signals limited pricing power and vulnerability to competition from larger banks and fintechs
- Weak Risk pillar points to elevated sensitivity to credit quality deterioration or macro downturns
- Community bank concentration in a single geographic region amplifies local economic exposure
INDB vs Peers
INDB operates in a competitive regional banking landscape alongside several peers that vary in geography, scale, and business mix.
Renasant is a Southeast-focused community bank, giving it geographic diversification away from the New England market that defines INDB's footprint.
Inter & Co operates as a digital-first financial platform with roots in Brazil, representing a technology-driven alternative to INDB's traditional branch-based model.
WSFS serves the Delaware Valley region and has a notable wealth management and trust business that competes with INDB's own fee-based service lines.
Frequently Asked Questions
What does Independent Bank Corp. do?
Independent Bank Corp. is the holding company for Rockland Trust Company, a community bank based in Massachusetts. It provides loans, deposit accounts, and fee-based services including investment management, trust, and financial planning to individuals and small-to-medium sized businesses across Eastern Massachusetts.
Does INDB pay dividends?
Yes, Independent Bank Corp. pays a regular dividend. Community banks of this profile commonly maintain dividend programs as a way to return capital to shareholders, particularly those seeking income from their equity holdings.
When does INDB report earnings?
INDB reports earnings on a quarterly basis, consistent with standard practice for US-listed bank holding companies. For the most current earnings schedule and recent results, check Independent Bank Corp.'s investor relations page.
Is INDB a good stock to buy?
UQS Score rates INDB as Below Average overall. While the Quality pillar is rated Good and Valuation is Attractive, the Moat and Risk pillars are both rated Weak. Whether INDB fits your portfolio depends on your risk tolerance and investment goals. View the full pillar breakdown on UQS Pro for a more complete picture.
Is INDB overvalued?
The UQS Valuation pillar for INDB is rated Attractive, suggesting the stock is not trading at a significant premium relative to its fundamentals. This does not guarantee upside, but it does indicate the market may already be pricing in some of the company's challenges.
How does INDB compare to its competitors?
INDB competes with regional and community banks such as Renasant Corporation, WSFS Financial, and digital-first platforms like Inter & Co. Compared to these peers, INDB's differentiation lies in its deep Massachusetts community banking roots and multi-generational customer relationships, though its Weak Moat rating suggests limited structural advantages.
What is INDB's market cap bracket?
Independent Bank Corp. falls in the mid-cap bracket. This places it above smaller community banks but well below the largest regional and national banking institutions, which typically have far greater geographic and product diversification.
Who founded Independent Bank Corp.?
Rockland Trust Company, the operating bank subsidiary, traces its origins to 1907, making it one of the longer-standing community banking institutions in Massachusetts. The holding company structure was established in 1986. Founding details are widely available through the company's official history.
Is INDB a long-term quality investment?
As a long-term quality indicator, INDB's UQS profile is mixed. The Good Quality rating reflects reasonable operational discipline, but the Weak Moat and Weak Risk pillars raise questions about durability of competitive position and resilience through economic cycles. Pro members can access the complete analysis to assess long-term fit.
What is the main competitive advantage of Independent Bank Corp.?
INDB's primary advantage is its entrenched presence in Eastern Massachusetts, built over more than a century of community banking. However, the UQS Moat pillar is rated Weak, indicating this regional familiarity has not translated into a strong structural moat relative to peers.
What sector does INDB belong to?
INDB belongs to the Financial Services sector, specifically within the community and regional banking segment. Investors in this sector are typically exposed to interest rate sensitivity, credit cycle risk, and regulatory dynamics that differ meaningfully from other parts of the market.
Is INDB a growth stock or value stock?
Based on its UQS profile, INDB leans toward the value side of the spectrum. The Valuation pillar is rated Attractive while the Growth pillar is only Neutral, suggesting the stock is not priced for aggressive expansion but may appeal to investors looking for reasonably valued financial sector exposure.
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Pro Analysis
INDB — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 20, 2026 | 50.5 | 67.9 | 24.0 | 45.2 | 36.4 | 86.6 | +0.6 |
| Apr 26, 2026 | 49.9 | 63.4 | 24.0 | 45.2 | 36.4 | 90.6 | -0.1 |
| Apr 19, 2026 | 50.0 | 63.4 | 24.0 | 45.4 | 36.4 | 90.7 | +1.6 |
| Apr 18, 2026 | 48.4 | 59.5 | 24.0 | 45.4 | 36.4 | 86.9 | -1.4 |
| Apr 16, 2026 | 49.8 | 59.5 | 24.0 | 45.3 | 36.4 | 96.0 | +0.1 |
| Apr 15, 2026 | 49.7 | 59.4 | 24.0 | 45.2 | 36.4 | 96.0 | 0.0 |
| Apr 14, 2026 | 49.7 | 59.3 | 24.0 | 45.2 | 36.4 | 96.0 | -6.6 |
| Apr 13, 2026 | 56.3 | 59.4 | 50.0 | 45.2 | 36.4 | 96.1 | +6.5 |
| Apr 12, 2026 | 49.8 | 59.5 | 24.0 | 45.2 | 36.4 | 96.1 | 0.0 |
| Apr 11, 2026 | 49.8 | 59.5 | 24.0 | 45.2 | 36.4 | 96.5 | +0.1 |
INDB — Pillar Breakdown
Quality
— 67.9/100 (25%)Independent Bank Corp. shows solid profitability with healthy returns on capital and reasonable margins.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 45.2/100 (20%)Independent Bank Corp. shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 36.4/100 (15%)Independent Bank Corp. has some risk factors including moderate leverage or solvency concerns.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 86.7/100 (15%)Independent Bank Corp. appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 24/100 (25%)Independent Bank Corp. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for INDB.
Score Composition
Financial Data
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How is the INDB UQS Score Calculated?
The UQS (Unified Quality Score) for Independent Bank Corp. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Independent Bank Corp.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Independent Bank Corp. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.