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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________________________
FORM 10-Q
___________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2018
Commission File Number: 1-9047
___________________________________________________
Independent Bank Corp.
(Exact name of registrant as specified in its charter)
___________________________________________________
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| |
Massachusetts | 04-2870273 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Office Address: 2036 Washington Street, Hanover Massachusetts 02339
Mailing Address: 288 Union Street, Rockland, Massachusetts 02370
(Address of principal executive offices, including zip code)
(781) 878-6100
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
|
| | | |
Large Accelerated Filer | x | Accelerated Filer | o |
| | | |
Non-accelerated Filer | o | Smaller Reporting Company | o |
| | | |
| | Emerging Growth Company | o |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes o No x
As of October 31, 2018, there were 27,551,581 shares of the issuer’s common stock outstanding, par value $0.01 per share.
Table of Contents |
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Condensed Notes to Consolidated Financial Statements - September 30, 2018 | |
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Exhibit 31.1 – Certification 302 | |
Exhibit 31.2 – Certification 302 | |
Exhibit 32.1 – Certification 906 | |
Exhibit 32.2 – Certification 906 | |
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
INDEPENDENT BANK CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited—Dollars in thousands)
|
| | | | | | | |
| September 30, 2018 | | December 31 2017 |
Assets |
Cash and due from banks | $ | 102,540 |
| | $ | 103,485 |
|
Interest-earning deposits with banks | 148,307 |
| | 109,631 |
|
Securities | | | |
Trading | 1,581 |
| | 1,324 |
|
Equities | 20,430 |
| | — |
|
Available for sale | 435,861 |
| | 447,498 |
|
Held to maturity (fair value $534,622 and $494,194) | 553,705 |
| | 497,688 |
|
Total securities | 1,011,577 |
| | 946,510 |
|
Loans held for sale (at fair value) | 10,431 |
| | 4,768 |
|
Loans | | | |
Commercial and industrial | 1,003,780 |
| | 888,528 |
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Commercial real estate | 3,132,491 |
| | 3,116,561 |
|
Commercial construction | 352,491 |
| | 401,797 |
|
Small business | 149,200 |
| | 132,370 |
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Residential real estate | 801,810 |
| | 754,329 |
|
Home equity - first position | 647,132 |
| | 612,990 |
|
Home equity - subordinate positions | 426,829 |
| | 439,098 |
|
Other consumer | 13,669 |
| | 9,880 |
|
Total loans | 6,527,402 |
| | 6,355,553 |
|
Less: allowance for loan losses | (63,235 | ) | | (60,643 | ) |
Net loans | 6,464,167 |
| | 6,294,910 |
|
Federal Home Loan Bank stock | 13,107 |
| | 11,597 |
|
Bank premises and equipment, net | 95,941 |
| | 94,722 |
|
Goodwill | 231,806 |
| | 231,806 |
|
Other intangible assets | 7,379 |
| | 9,341 |
|
Cash surrender value of life insurance policies | 153,186 |
| | 151,528 |
|
Other real estate owned and other foreclosed assets | 190 |
| | 612 |
|
Other assets | 136,866 |
| | 123,119 |
|
Total assets | $ | 8,375,497 |
| | $ | 8,082,029 |
|
Liabilities and Stockholders' Equity |
Deposits | | | |
Demand deposits | $ | 2,337,221 |
| | $ | 2,159,396 |
|
Savings and interest checking accounts | 2,621,926 |
| | 2,599,922 |
|
Money market | 1,353,641 |
| | 1,325,634 |
|
Time certificates of deposit of $100,000 and over | 317,761 |
| | 278,531 |
|
Other time certificates of deposits | 345,690 |
| | 365,770 |
|
Total deposits | 6,976,239 |
| | 6,729,253 |
|
Borrowings | | | |
|
| | | | | | | |
Federal Home Loan Bank borrowings | 50,767 |
| | 53,264 |
|
Customer repurchase agreements | 141,176 |
| | 162,679 |
|
Junior subordinated debentures (less unamortized debt issuance costs of $119 and $125) | 73,078 |
| | 73,073 |
|
Subordinated debentures (less unamortized debt issuance costs of $283 and $318) | 34,717 |
| | 34,682 |
|
Total borrowings | 299,738 |
| | 323,698 |
|
Other liabilities | 101,215 |
| | 85,269 |
|
Total liabilities | 7,377,192 |
| | 7,138,220 |
|
Commitments and contingencies | — |
| | — |
|
Stockholders' equity | | | |
Preferred stock, $.01 par value, authorized: 1,000,000 shares, outstanding: none | — |
| | — |
|
Common stock, $.01 par value, authorized: 75,000,000 shares, issued and outstanding: 27,540,843 shares at September 30, 2018 and 27,450,190 shares at December 31, 2017 (includes 159,809 and 177,191 shares of unvested participating restricted stock awards, respectively) | 274 |
| | 273 |
|
Value of shares held in rabbi trust at cost: 157,872 shares at September 30, 2018 and 164,438 shares at December 31, 2017 | (4,784 | ) | | (4,590 | ) |
Deferred compensation and other retirement benefit obligations | 4,784 |
| | 4,590 |
|
Additional paid in capital | 483,222 |
| | 479,430 |
|
Retained earnings | 527,473 |
| | 465,937 |
|
Accumulated other comprehensive loss, net of tax | (12,664 | ) | | (1,831 | ) |
Total stockholders’ equity | 998,305 |
| | 943,809 |
|
Total liabilities and stockholders' equity | $ | 8,375,497 |
| | $ | 8,082,029 |
|
The accompanying condensed notes are an integral part of these unaudited consolidated financial statements.
INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited—Dollars in thousands, except per share data)
|
| | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30 | | September 30 |
| 2018 | | 2017 | | 2018 | | 2017 |
Interest income | | | | | | | |
Interest and fees on loans | $ | 75,220 |
| | $ | 65,667 |
| | $ | 214,486 |
| | $ | 186,747 |
|
Taxable interest and dividends on securities | 6,664 |
| | 5,642 |
| | 19,381 |
| | 16,618 |
|
Nontaxable interest and dividends on securities | 14 |
| | 19 |
| | 46 |
| | 71 |
|
Interest on loans held for sale | 61 |
| | 33 |
| | 110 |
| | 68 |
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Interest on federal funds sold and short-term investments | 916 |
| | 417 |
| | 1,768 |
| | 814 |
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Total interest and dividend income | 82,875 |
| | 71,778 |
| | 235,791 |
| | 204,318 |
|
Interest expense | | | | | | | |
Interest on deposits | 5,251 |
| | 3,331 |
| | 13,773 |
| | 9,010 |
|
Interest on borrowings | 1,390 |
| | 1,374 |
| | 4,145 |
| | 4,280 |
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Total interest expense | 6,641 |
| | 4,705 |
| | 17,918 |
| | 13,290 |
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Net interest income | 76,234 |
| | 67,073 |
| | 217,873 |
| | 191,028 |
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Provision for loan losses | 1,075 |
| | — |
| | 3,575 |
| | 1,650 |
|
Net interest income after provision for loan losses | 75,159 |
| | 67,073 |
| | 214,298 |
| | 189,378 |
|
Noninterest income | | | | | | | |
Deposit account fees | 4,658 |
| | 4,401 |
| | 13,640 |
| | 13,337 |
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Interchange and ATM fees | 4,947 |
| | 4,525 |
| | 13,889 |
| | 12,881 |
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Investment management | 6,564 |
| | 5,967 |
| | 19,528 |
| | 17,576 |
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Mortgage banking income | 1,222 |
| | 1,338 |
| | 3,130 |
| | 3,609 |
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Gain on life insurance benefits | 1,463 |
| | — |
| | 1,463 |
| | — |
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Gain on sale of equity securities | 4 |
| | 12 |
| | 6 |
| | 19 |
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Increase in cash surrender value of life insurance policies | 984 |
| | 1,019 |
| | 2,929 |
| | 3,000 |
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Loan level derivative income | 392 |
| | 784 |
| | 1,547 |
| | 2,727 |
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Other noninterest income | 3,030 |
| | 2,724 |
| | 8,882 |
| | 7,931 |
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Total noninterest income | 23,264 |
| | 20,770 |
| | 65,014 |
| | 61,080 |
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Noninterest expenses | | | | | | | |
Salaries and employee benefits | 31,095 |
| | 29,289 |
| | 92,483 |
| | 86,267 |
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Occupancy and equipment expenses | 6,310 |
| | 6,085 |
| | 20,215 |
| | 18,302 |
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Data processing and facilities management | 1,287 |
| | 1,272 |
| | 3,837 |
| | 3,732 |
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FDIC assessment | 725 |
| | 673 |
| | 2,214 |
| | 2,234 |
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Advertising expense | 1,395 |
| | 1,359 |
| | 3,684 |
| | 4,018 |
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Consulting expense | 1,128 |
| | 937 |
| | 2,973 |
| | 2,753 |
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Debit card expense | 755 |
| | 992 |
| | 2,405 |
| | 2,616 |
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Legal fees | 752 |
| | 1,423 |
| | 2,084 |
|
| 2,074 |
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Loss on sale of equity securities | — |
| | 1 |
| | — |
| | 6 |
|
Merger and acquisition expense | 2,688 |
| | — |
| | 3,122 |
| | 3,393 |
|
Software maintenance | 1,079 |
| | 888 |
| | 3,048 |
| | 2,714 |
|
Other noninterest expenses | 8,225 |
| | 8,391 |
| | 25,513 |
| | 24,783 |
|
Total noninterest expenses | 55,439 |
| | 51,310 |
| | 161,578 |
| | 152,892 |
|
Income before income taxes | 42,984 |
| | 36,533 |
| | 117,734 |
| | 97,566 |
|
Provision for income taxes | 9,969 |
| | 12,681 |
| | 26,046 |
| | 32,426 |
|
Net income | $ | 33,015 |
| | $ | 23,852 |
| | $ | 91,688 |
| | $ | 65,140 |
|
Basic earnings per share | $ | 1.20 |
| | $ | 0.87 |
| | $ | 3.33 |
| | $ | 2.39 |
|
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| | | | | | | | | | | | | | | |
Diluted earnings per share | $ | 1.20 |
| | $ | 0.87 |
| | $ | 3.32 |
| | $ | 2.38 |
|
Weighted average common shares (basic) | 27,537,841 |
| | 27,436,792 |
| | 27,517,210 |
| | 27,242,902 |
|
Common share equivalents | 63,499 |
| | 76,307 |
| | 62,596 |
| | 78,043 |
|
Weighted average common shares (diluted) | 27,601,340 |
| | 27,513,099 |
| | 27,579,806 |
| | 27,320,945 |
|
Cash dividends declared per common share | $ | 0.38 |
| | $ | 0.32 |
| | $ | 1.14 |
| | $ | 0.96 |
|
The accompanying condensed notes are an integral part of these unaudited consolidated financial statements.
INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited—Dollars in thousands)
|
| | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30 | | September 30 |
| 2018 | | 2017 | | 2018 | | 2017 |
Net income | $ | 33,015 |
| | $ | 23,852 |
| | $ | 91,688 |
| | $ | 65,140 |
|
Other comprehensive income (loss), net of tax | | | | | | | |
Net change in fair value of securities available for sale | (2,262 | ) | | 188 |
| | (9,654 | ) | | 1,511 |
|
Net change in fair value of cash flow hedges | (405 | ) | | 109 |
| | (302 | ) | | 8 |
|
Net change in other comprehensive income for defined benefit postretirement plans | 117 |
| | 78 |
| | 351 |
| | 234 |
|
Total other comprehensive income (loss) | (2,550 | ) | | 375 |
| | (9,605 | ) | | 1,753 |
|
Total comprehensive income | $ | 30,465 |
| | $ | 24,227 |
| | $ | 82,083 |
| | $ | 66,893 |
|
The accompanying condensed notes are an integral part of these unaudited consolidated financial statements.
INDEPENDENT BANK CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited—Dollars in thousands, except per share data)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock Outstanding | | Common Stock | | Value of Shares Held in Rabbi Trust at Cost | | Deferred Compensation and Other Retirement Benefit Obligations | | Additional Paid in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total |
Balance December 31, 2017 | 27,450,190 |
| | $ | 273 |
| | $ | (4,590 | ) | | $ | 4,590 |
| | $ | 479,430 |
| | $ | 465,937 |
| | $ | (1,831 | ) | | $ | 943,809 |
|
Opening balance reclassification (1) | — |
| | — |
| | — |
| | — |
| | — |
| | 397 |
| | (397 | ) | | — |
|
Cumulative effect accounting adjustment (2) | — |
| | — |
| | — |
| | — |
| | — |
| | 831 |
| | (831 | ) | | — |
|
Net income | — |
| | — |
| | — |
| | — |
| | — |
| | 91,688 |
| | — |
| | 91,688 |
|
Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (9,605 | ) | | (9,605 | ) |
Common dividend declared ($1.14 per share) | — |
| | — |
| | — |
| | — |
| | — |
| | (31,380 | ) | | — |
| | (31,380 | ) |
Proceeds from exercise of stock options, net of cash paid | 23,195 |
| | — |
| | — |
| | — |
| | 184 |
| | — |
| | — |
| | 184 |
|
Stock based compensation | — |
| | — |
| | — |
| | — |
| | 3,161 |
| | — |
| | — |
| | 3,161 |
|
Restricted stock awards issued, net of awards surrendered | 43,174 |
| | 1 |
| | — |
| | — |
| | (1,345 | ) | | — |
| | — |
| | (1,344 | ) |
Shares issued under direct stock purchase plan | 24,284 |
| | — |
| | — |
| | — |
| | 1,792 |
| | — |
| | — |
| | 1,792 |
|
Deferred compensation and other retirement benefit obligations | — |
| | — |
| | (194 | ) | | 194 |
| | — |
| | — |
| | — |
| | — |
|
Balance September 30, 2018 | 27,540,843 |
| | $ | 274 |
| | $ | (4,784 | ) | | $ | 4,784 |
| | $ | 483,222 |
| | $ | 527,473 |
| | $ | (12,664 | ) | | $ | 998,305 |
|
| | | | | | | | | | | | | | | |
Balance December 31, 2016 | 27,005,813 |
| | $ | 268 |
| | $ | |