Independent Bank Corp. expands board with three new directors

ROCKLAND, Mass. - Independent Bank (NASDAQ:INDB) Corp. (NASDAQ Global Select Market: INDB), the parent company of Rockland Trust Company, has announced the appointment of three new members to its Board of Directors, effective April 1, 2025. The new directors, Leif O’Leary, Dawn Perry, and Aparna Ramesh, have been selected for their extensive expertise in technology, legal matters, and finance, which are expected to contribute to the bank’s commitment to governance and growth. The appointments come as the bank, with a market capitalization of $2.9 billion, demonstrates strong financial performance with a 34.5% total return over the past year. According to InvestingPro analysis, the bank currently appears undervalued, suggesting potential upside opportunity for investors.

Leif O’Leary, known for his leadership in technology and innovation, brings over three decades of experience in digital transformation. As the CEO of Alegeus Technologies and a former CEO of Intralinks, his background will support the bank’s aim to enhance customer experiences and operational efficiency.

Dawn Perry, a seasoned attorney, offers deep knowledge in regulatory compliance and retail services. Her current role as Senior Vice President and Chief Risk and Audit Officer at Blue Cross and Blue Shield of Massachusetts positions her as an expert in navigating complex regulatory and risk landscapes.

Aparna Ramesh, serving as the Executive Vice President, Chief Financial Officer, and Treasurer of the Federal Agricultural (NYSE:AGM) Mortgage Corporation, brings a wealth of financial knowledge. Her previous experience as CFO at the Federal Reserve Bank of Boston and as Chief Administrative Officer of FedNow will inform the bank’s focus on sustainable performance and fiscal responsibility.

Donna L. Abelli, Chair of the Independent (LON:IOG) and Rockland Trust Board of Directors, expressed confidence that the new appointees would strengthen the trust central to the bank’s relationships and support its continued growth and commitment to the communities it serves. The bank’s strong governance track record is reflected in its impressive dividend history, having maintained dividend payments for 31 consecutive years and raised them for 14 straight years, as reported by InvestingPro. The current dividend yield stands at 3.4%, providing steady income for shareholders.

Rockland Trust, headquartered in Massachusetts, offers a full range of banking, investment, and insurance services through its retail branches in Eastern Massachusetts and Worcester County, as well as commercial banking and investment management offices in Massachusetts and Rhode Island.

The announcement is based on a press release statement and contains forward-looking statements that involve risks and uncertainties. Independent Bank Corp. cautions against placing undue reliance on these statements, which are subject to the risks outlined in the company’s SEC filings.

The appointments reflect Rockland Trust’s dedication to upholding high standards of governance and accountability as it continues to serve its customers and the community. With a P/E ratio of 15.2x and analysts forecasting profitability for the coming year, the bank maintains a solid financial foundation. For detailed insights into Independent Bank Corp.’s valuation and growth prospects, investors can access comprehensive analysis through InvestingPro’s exclusive research reports, which provide in-depth coverage of over 1,400 US equities.

In other recent news, Independent Bank reported its fourth-quarter 2024 earnings, surpassing analysts’ expectations with an earnings per share (EPS) of $1.21, compared to the forecasted $1.17. Revenue also exceeded projections, coming in at $176.85 million against the anticipated $174.06 million. Despite these positive earnings results, Keefe, Bruyette & Woods (KBW) adjusted their outlook on Independent Bank, reducing the price target from $82.00 to $80.00, while maintaining a Market Perform rating. The firm’s analysis noted that while the bank’s EPS exceeded forecasts, pre-provision net revenue (PPNR) fell short due to lower expenses and fees.

Additionally, KBW highlighted Independent Bank’s continued expansion in its core net interest margin, which is expected to modestly improve 2025 earnings estimates. The bank is also experiencing growth in its wealth management division, reaching a record $7.2 billion in assets under administration. Looking ahead, Independent Bank anticipates a slight contraction in net interest margins but expects potential expansion by mid-2025. The anticipated completion of the East Boston Savings Bank transaction is on track for the second half of 2025, which is expected to enhance the bank’s profitability. These developments underscore the bank’s strategic focus on reducing office exposure and addressing problem credits by the first half of 2025.

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