Independent Bank (INDB) Revenue & Revenue Breakdown
Independent Bank Revenue Highlights
Latest Revenue (Y)
$795.73M
Latest Revenue (Q)
$243.72M
Main Segment (Y)
Investment Advisory, Management and Administrative Service
Independent Bank Revenue by Period
Independent Bank Revenue by Year
| Date | Revenue | Change |
|---|---|---|
| 2023-12-31 | $795.73M | 9.32% |
| 2022-12-31 | $727.92M | 43.46% |
| 2021-12-31 | $507.41M | 6.27% |
| 2020-12-31 | $477.45M | -6.09% |
| 2019-12-31 | $508.43M | 31.49% |
| 2018-12-31 | $386.67M | 13.11% |
| 2017-12-31 | $341.84M | 10.19% |
| 2016-12-31 | $310.24M | 7.13% |
| 2015-12-31 | $289.59M | 9.34% |
| 2014-12-31 | $264.86M | 6.02% |
| 2013-12-31 | $249.82M | 6.40% |
| 2012-12-31 | $234.81M | 6.84% |
| 2011-12-31 | $219.78M | 4.23% |
| 2010-12-31 | $210.87M | 11.64% |
| 2009-12-31 | $188.89M | 29.78% |
| 2008-12-31 | $145.55M | 13.50% |
| 2007-12-31 | $128.23M | -0.82% |
| 2006-12-31 | $129.30M | -2.78% |
| 2005-12-31 | $132.99M | 5.41% |
| 2004-12-31 | $126.17M | 2.11% |
| 2003-12-31 | $123.57M | 0.15% |
| 2002-12-31 | $123.39M | 10.30% |
| 2001-12-31 | $111.87M | 26.31% |
| 2000-12-31 | $88.56M | 15.59% |
| 1999-12-31 | $76.62M | 6.12% |
| 1998-12-31 | $72.20M | 11.08% |
| 1997-12-31 | $65.00M | 12.85% |
| 1996-12-31 | $57.60M | 3.97% |
| 1995-12-31 | $55.40M | 4.53% |
| 1994-12-31 | $53.00M | 11.58% |
| 1993-12-31 | $47.50M | - |
Independent Bank generated $795.73M in revenue during NA 2023, up 9.32% compared to the previous quarter, and up 205.79% compared to the same period a year ago.
Independent Bank Revenue by Quarter
| Date | Revenue | Change |
|---|---|---|
| 2024-06-30 | $243.72M | 2.51% |
| 2024-03-31 | $237.74M | 14.76% |
| 2023-12-31 | $207.17M | 12.95% |
| 2023-09-30 | $183.42M | 0.07% |
| 2023-06-30 | $183.30M | -2.10% |
| 2023-03-31 | $187.24M | -6.69% |
| 2022-12-31 | $200.66M | 5.17% |
| 2022-09-30 | $190.80M | 10152.34% |
| 2022-06-30 | $1.86M | 5.44% |
| 2022-03-31 | $1.76M | -98.84% |
| 2021-12-31 | $151.71M | 30.17% |
| 2021-09-30 | $116.55M | -1.50% |
| 2021-06-30 | $118.32M | -2.08% |
| 2021-03-31 | $120.83M | 2.50% |
| 2020-12-31 | $117.88M | -1.40% |
| 2020-09-30 | $119.55M | 0.22% |
| 2020-06-30 | $119.29M | -1.20% |
| 2020-03-31 | $120.74M | -9.42% |
| 2019-12-31 | $133.29M | -2.29% |
| 2019-09-30 | $136.41M | 1.30% |
| 2019-06-30 | $134.67M | 29.42% |
| 2019-03-31 | $104.06M | 0.26% |
| 2018-12-31 | $103.78M | 4.31% |
| 2018-09-30 | $99.50M | 4.67% |
| 2018-06-30 | $95.06M | 7.61% |
| 2018-03-31 | $88.33M | -1.56% |
| 2017-12-31 | $89.74M | 2.16% |
| 2017-09-30 | $87.84M | 3.16% |
| 2017-06-30 | $85.15M | 7.64% |
| 2017-03-31 | $79.11M | -1.75% |
| 2016-12-31 | $80.51M | 3.11% |
| 2016-09-30 | $78.08M | 0.59% |
| 2016-06-30 | $77.63M | 4.87% |
| 2016-03-31 | $74.02M | 2.57% |
| 2015-12-31 | $72.16M | -2.87% |
| 2015-09-30 | $74.29M | 1.94% |
| 2015-06-30 | $72.88M | 7.48% |
| 2015-03-31 | $67.81M | -1.34% |
| 2014-12-31 | $68.72M | 3.96% |
| 2014-09-30 | $66.11M | 3.69% |
| 2014-06-30 | $63.76M | -1.16% |
| 2014-03-31 | $64.51M | 1.45% |
| 2013-12-31 | $63.58M | 2.89% |
| 2013-09-30 | $61.80M | 1.61% |
| 2013-06-30 | $60.82M | 1.51% |
| 2013-03-31 | $59.92M | -4.12% |
| 2012-12-31 | $62.49M | 6.01% |
| 2012-09-30 | $58.95M | 2.32% |
| 2012-06-30 | $57.61M | 3.32% |
| 2012-03-31 | $55.76M | -0.73% |
| 2011-12-31 | $56.17M | 4.04% |
| 2011-09-30 | $53.99M | -2.81% |
| 2011-06-30 | $55.55M | 2.74% |
| 2011-03-31 | $54.07M | -1.55% |
| 2010-12-31 | $54.92M | 3.91% |
| 2010-09-30 | $52.86M | 1.45% |
| 2010-06-30 | $52.10M | 3.67% |
| 2010-03-31 | $50.26M | 1.79% |
| 2009-12-31 | $49.37M | 8.82% |
| 2009-09-30 | $45.37M | -13.28% |
| 2009-06-30 | $52.32M | 29.31% |
| 2009-03-31 | $40.46M | 18.49% |
| 2008-12-31 | $34.15M | -13.87% |
| 2008-09-30 | $39.65M | 5.03% |
| 2008-06-30 | $37.75M | 11.02% |
| 2008-03-31 | $34.00M | 3.07% |
| 2007-12-31 | $32.99M | - |
Independent Bank generated $243.72M in revenue during Q2 2024, up 2.51% compared to the previous quarter, and up 130.17% compared to the same period a year ago.
Independent Bank Revenue Breakdown
Independent Bank Revenue Breakdown by Product
Annual Revenue by Product
| Product/Service | Dec 22 | Dec 21 | Dec 20 | Dec 19 | Dec 18 |
|---|---|---|---|---|---|
| ATM Charge | $3.87M | $2.99M | $2.48M | $3.22M | $2.96M |
| Investment Advisory, Retail Investment and Insurance Service | $4.06M | $3.69M | $2.27M | $2.78M | $2.71M |
| Deposit Account | $23.37M | $16.75M | $15.12M | $20.04M | $18.33M |
| Investment Advisory, Management and Administrative Service | $32.77M | $31.62M | $27.16M | $25.94M | $23.44M |
| Merchant Processing | $1.53M | $1.36M | $1.30M | $1.18M | $1.40M |
| Credit Card, Merchant Discount | $10.88M | $8.86M | $12.56M | $18.26M | $15.43M |
| Credit Card Income | $1.83M | $1.23M | $778.00K | - | - |
Independent Bank's latest annual revenue breakdown by segment (product or service), as of Dec 22: Investment Advisory, Management and Administrative Service (41.85%), Deposit Account (29.84%), Credit Card, Merchant Discount (13.89%), Investment Advisory, Retail Investment and Insurance Service (5.18%), ATM Charge (4.94%), Credit Card Income (2.34%), and Merchant Processing (1.96%).
Quarterly Revenue by Product
| Product/Service | Mar 24 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jun 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | Jun 19 | Mar 19 | Dec 18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investment Advisory, Management and Administrative Service | $9.08M | $8.86M | $8.19M | $9.21M | $7.83M | $7.83M | $7.90M | $8.04M | $8.15M | $8.03M | $7.40M | $7.04M | $7.00M | $6.83M | $6.29M | $6.81M | $6.63M | $6.42M | $6.07M | $5.86M |
| Deposit Account | $6.23M | $5.51M | $5.92M | $5.79M | $6.26M | $5.83M | $5.49M | $5.04M | $4.30M | $3.82M | $3.58M | $3.89M | $3.43M | $2.83M | $4.97M | $5.25M | $5.30M | $5.08M | $4.41M | $4.69M |
| ATM Charge | $1.06M | $1.00M | $938.00K | $966.00K | $1.07M | $993.00K | $841.00K | $812.00K | $817.00K | $735.00K | $625.00K | $604.00K | $708.00K | $525.00K | $639.00K | $763.00K | $939.00K | $856.00K | $666.00K | $746.00K |
| Investment Advisory, Retail Investment and Insurance Service | $861.00K | $1.49M | $1.59M | $1.18M | $602.00K | $1.50M | $769.00K | $917.00K | $1.03M | $845.00K | $902.00K | $692.00K | $574.00K | $469.00K | $540.00K | $817.00K | $553.00K | $730.00K | $679.00K | $763.00K |
| Credit Card Income | $533.00K | $555.00K | $493.00K | $492.00K | $495.00K | $474.00K | $372.00K | $348.00K | $334.00K | $313.00K | $236.00K | $228.00K | $216.00K | $151.00K | $183.00K | - | - | - | - | - |
| Credit Card, Merchant Discount | $2.90M | $3.01M | $2.79M | $2.84M | $2.83M | $2.74M | $2.47M | $2.60M | $2.22M | $2.14M | $1.90M | $1.90M | $2.02M | $4.54M | $4.10M | $4.79M | $4.91M | $4.83M | $3.73M | $4.17M |
| Merchant Processing | $538.00K | $432.00K | $470.00K | $394.00K | $412.00K | $350.00K | $378.00K | $338.00K | $365.00K | $339.00K | $320.00K | $299.00K | $330.00K | $277.00K | $393.00K | $341.00K | $230.00K | $324.00K | $280.00K | $395.00K |
Independent Bank's latest quarterly revenue breakdown by segment (product or service), as of Mar 24: Investment Advisory, Management and Administrative Service (42.84%), Deposit Account (29.39%), Credit Card, Merchant Discount (13.67%), ATM Charge (4.98%), Investment Advisory, Retail Investment and Insurance Service (4.06%), Merchant Processing (2.54%), and Credit Card Income (2.51%).
Independent Bank Peer Comparison by Revenue
| Ticker | Company | Last Year Revenue | Last Quarter Revenue |
|---|---|---|---|
| INDB | Independent Bank | $795.73M | $243.72M |
| BHLB | Berkshire Hills Bancorp | $619.08M | $174.24M |
| NBHC | National Bank | $559.33M | $146.48M |
| EBC | Eastern Bankshares | $557.17M | $232.31M |
| FBNC | First Bancorp | $546.25M | $143.42M |
| FBMS | First Bancshares | $387.64M | $91.03M |
| BFST | Business First Bancshares | $386.89M | $111.69M |
| HFWA | Heritage Financial | $303.13M | $81.83M |
| HONE | HarborOne Bancorp | $277.04M | $78.56M |
| CATC | Cambridge Bancorp | $218.53M | $66.82M |
| BSRR | Sierra Bancorp | $208.02M | $51.13M |
| NECB | Northeast Community Bancorp | $135.86M | $40.96M |
| WNEB | Western New England Bancorp | $101.12M | $30.63M |
| FNWD | Finward Bancorp | $96.53M | $24.70M |
| FFNW | First Financial Northwest | $80.93M | $20.02M |
| RMBI | Richmond Mutual Ban | $72.02M | $21.26M |
| BFIN | BankFinancial | $71.17M | $17.66M |
| CWBC | Community West Bancshares | $61.39M | $27.26M |
| FCAP | First Capital | $51.24M | $14.24M |
| HMNF | HMN Financial | $43.48M | $14.79M |
| FCCO | First Community | $10.42M | $25.48M |
| CFFN | Capitol Federal Financial | $-184.80M | $99.70M |
INDB Revenue FAQ
What is Independent Bank’s yearly revenue?
Independent Bank's yearly revenue for 2023 was $795.73M, representing an increase of 9.32% compared to 2022. The company's yearly revenue for 2022 was $727.92M, representing an increase of 43.46% compared to 2021. INDB's yearly revenue for 2021 was $507.41M, representing an increase of 6.27% compared to 2020.
What is Independent Bank’s quarterly revenue?
Independent Bank's quarterly revenue for Q2 2024 was $243.72M, a 2.51% increase from the previous quarter (Q1 2024), and a 32.96% increase year-over-year (Q2 2023). The company's quarterly revenue for Q1 2024 was $237.74M, a 14.76% increase from the previous quarter (Q4 2023), and a 26.97% increase year-over-year (Q1 2023). INDB's quarterly revenue for Q4 2023 was $207.17M, a 12.95% increase from the previous quarter (Q3 2023), and a 3.25% increase year-over-year (Q4 2022).
What is Independent Bank’s revenue growth rate?
Independent Bank's revenue growth rate for the last 3 years (2021-2023) was 56.82%, and for the last 5 years (2019-2023) was 56.51%.
What are Independent Bank’s revenue streams?
Independent Bank's revenue streams in c 22 are ATM Charge, Investment Advisory, Retail Investment and Insurance Service, Deposit Account, Investment Advisory, Management and Administrative Service, Merchant Processing, Credit Card, Merchant Discount, and Credit Card Income. ATM Charge generated $3.87M in revenue, accounting 4.94% of the company's total revenue, up 29.34% year-over-year. Investment Advisory, Retail Investment and Insurance Service generated $4.06M in revenue, accounting 5.18% of the company's total revenue, up 9.94% year-over-year. Deposit Account generated $23.37M in revenue, accounting 29.84% of the company's total revenue, up 39.56% year-over-year. Investment Advisory, Management and Administrative Service generated $32.77M in revenue, accounting 41.85% of the company's total revenue, up 3.66% year-over-year. Merchant Processing generated $1.53M in revenue, accounting 1.96% of the company's total revenue, up 12.63% year-over-year. Credit Card, Merchant Discount generated $10.88M in revenue, accounting 13.89% of the company's total revenue, up 22.78% year-over-year. Credit Card Income generated $1.83M in revenue, accounting 2.34% of the company's total revenue, up 48.90% year-over-year.
What is Independent Bank’s main source of revenue?
For the fiscal year ending Dec 22, the largest source of revenue of Independent Bank was Investment Advisory, Management and Administrative Service. This segment made a revenue of $32.77M, representing 41.85% of the company's total revenue.