What is Independent Bank Financial Strength?
Independent Bank has the Financial Strength Rank of 3. It displays poor financial strength and is likely in financial distress. Usually this is caused by too much debt for the company.
Warning Sign:
Independent Bank Corp displays poor financial strength. Usually, this is caused by too much debt for the company.
GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:
1. The debt burden that the company has as measured by its
Interest Coverage (current year). The higher, the better.
2. Debt to revenue ratio. The lower, the better.
3.
Altman Z-Score.
GuruFocus does not calculate Independent Bank's interest coverage with the available data.
Independent Bank's debt to revenue ratio for the quarter that ended in Dec. 2023 was 1.74.
Altman Z-Score does not apply to banks and insurance companies.
Independent Bank Financial Strength Calculation
GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors
A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.
1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
Note: If both Interest Expense and Interest Income are empty, while Net Interest Income is negative, then use Net Interest Income as Interest Expense.
Interest Coverage is a ratio that determines how easily a company can pay interest expenses on outstanding debt. It is calculated by dividing a company's Operating Income (EBIT) by its Interest Expense:
Independent Bank's Interest Expense for the
months ended in Dec. 2023 was $-62.1 Mil. Its Operating Income for the
months ended in Dec. 2023 was $0.0 Mil. And its Long-Term Debt & Capital Lease Obligation for the quarter that ended in Dec. 2023 was $1,218.4 Mil.
Independent Bank's Interest Coverage for the quarter that ended in Dec. 2023 is
The higher the ratio, the stronger the company's financial strength is.
2. Debt to revenue ratio. The lower, the better.
Independent Bank's Debt to Revenue Ratio for the quarter that ended in Dec. 2023 is
3. Altman Z-Score.
Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
The zones of discrimination were as such:
When Z-Score is less than 1.81, it is in Distress Zones.
When Z-Score is greater than 2.99, it is in Safe Zones.
When Z-Score is between 1.81 and 2.99, it is in Grey Zones.
Altman Z-Score does not apply to banks and insurance companies.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Independent Bank (Independent Bank) Business Description
Traded in Other Exchanges
N/A
Address
2036 Washington Street, Hanover, MA, USA, 02339
Independent Bank is a bank holding company and the sole shareholder of its bank, the Rockland Trust Company. Rockland is a community-oriented commercial bank. The bank's revenue is derived from a wide array of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management. Rockland has historically relied heavily on both organic growth and select merger and acquisition activity to drive growth. The bank's loan portfolio constitutes the bulk of the bank's total assets. Its borrowers consist mostly of small to medium-size businesses and consumers, most of which are made to its market area in eastern Massachusetts and Rhode Island. The bank's loan portfolio is predominantly in commercial loans.
Executives
| John J Morrissey |
director |
C/O INDEPENDENT BANK CORP., 288 UNION STREET, ROCKLAND MA 02370 |
| Jeffrey J Tengel |
director, officer: Chief Executive Officer |
1900 EAST NINTH STREET, CLEVELAND OH 44114 |
| Lee C Powlus |
officer: Chief Tech & Operations Off. |
850 MAIN STREET, BRIDGEPORT CT 06604 |
| Patricia M Natale |
officer: General Counsel |
|
| Barry H Jensen |
officer: Chief Information Officer |
INDEPENDENT BANK CORP., 288 UNION STREET, ROCKLAND MA 02370 |
| Mark J Ruggiero |
officer: Principal Accounting Officer |
C/O INDEPENDENT BANK CORP., 288 UNION STREET, ROCKLAND MA 02370 |
| Scott Smith |
director |
320 NORWOOD PARK SOUTH, NORWOOD MA 02062 |
| Maureen A. Gaffney |
officer: Principal Accounting Officer |
C/O INDEPENDENT BANK CORP., 288 UNION STREET, ROCKLAND MA 02370 |
| Christopher Oddleifson |
director, officer: President and CEO |
|
| Eileen C Miskell |
director |
C/O INDEPENDENT BANK CORP, 288 UNION STREET, ROCKLAND MA 02370 |
| Edward H Seksay |
officer: General Counsel |
C/O INDEPENDENT BANK CORP, 288 UNION STREET, ROCKLAND MA 02370 |
| Robert D Cozzone |
officer: CFO and Treasurer |
C/O INDEPENDENT BANK CORP., 288 UNION STREET, ROCKLAND MA 02370 |
| Dawn Mugford |
officer: Chief Risk Officer |
C/O INDEPENDENT BANK CORP., 288 UNION STREET, ROCKLAND MA 02370 |
| Donna L Abelli |
director |
INDEPENDENT BANK CORP., 288 UNION STREET, ROCKLAND MA 02370 |
| Gerard F Nadeau |
officer: Executive Vice President |
C/O INDEPENDENT BANK CORP., 288 UNION STREET, ROCKLAND MA 02370 |
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