INDB PEER ANALYSIS

Independent Bank — metric-by-metric comparison with peers and the industry median

INDBIndependent Bank

🇺🇸 USA · NASDAQ · Financial Services · Banks - Regional

Value it Duel

Overall Profile & Returns

· Banks - Regional

Position Within Industry

0 = weak quartile, 100 = strong quartile

INDBIndustry median

Scores normalize each metric against industry quartiles (p25–p75); direction is inverted for lower-is-better metrics.

Return Comparison

1-Year

Split-adjusted

Year-to-Date (YTD)

Key Metric Comparison

P/E

Lower is better

ROE

Higher is better

Net Margin

Higher is better

Revenue Growth

Higher is better

All Metrics

Valuation
Metric	INDB	BEN	EQB	NDA-SE	BOQ	BFL	Ind. Median
P/E	17.25	—	25.58	12.45	40.81	3.26●	12.96
P/B	1.17	1.00	1.53	1.95	0.69●	0.74	1.29
EV/EBITDA	11.82	—	54.45	34.35	67.01	-1.43●	9.32
P/S	—	—	—	—	—	—	—

Financial Health
Metric	INDB	BEN	EQB	NDA-SE	BOQ	BFL	Ind. Median
Current Ratio	0.06	0.03	0.09	0.16	0.05	33.68●	0.31
Debt/Equity	21.9%	142.6%	496.5%	704.0%	258.4%	9.1%●	38.0%
NetDebt/EBITDA	-1.52	—	40.36	25.50	49.89	-3.30●	-0.58

Profitability
Metric	INDB	BEN	EQB	NDA-SE	BOQ	BFL	Ind. Median
Net Margin	19.8%	—	6.6%	20.9%	2.0%	30.2%●	20.6%
ROE	7.3%	—	6.1%	15.8%	1.6%	24.2%●	10.9%
ROA	1.1%	—	0.4%	0.7%	0.1%	2.9%●	1.2%
EBITDA Margin	—	—	—	—	—	—	20.4%

Growth + Dividend
Metric	INDB	BEN	EQB	NDA-SE	BOQ	BFL	Ind. Median
Rev. Growth	—	—	—	—	—	—	—
NI Growth	27.5%●	—	-49.0%	-4.4%	-67.9%	—	19.4%
Div. Yield	2.8%	6.1%	1.6%	0.5%	6.5%	22.5%●	2.5%
Payout	45.2%	—	43.2%	0.0%	256.1%	68.7%	31.4%

Valuation
Metric	INDB	FBP	WSFS	CATY	RNST	CADE	Ind. Median
P/E	17.25	11.60	13.40	12.68	17.77	7.89●	12.96
P/B	1.17	2.10	1.52	1.41	1.05	0.69●	1.29
EV/EBITDA	11.82	8.62	4.42●	9.32	12.41	—	9.32
P/S	—	—	—	—	—	—	—

Financial Health
Metric	INDB	FBP	WSFS	CATY	RNST	CADE	Ind. Median
Current Ratio	0.06	6.85●	—	0.01	3.98	0.07	0.31
Debt/Equity	21.9%	14.7%	11.4%	5.2%●	20.8%	35.1%	38.0%
NetDebt/EBITDA	-1.52	-0.58	-4.82●	0.04	-1.40	—	-0.58

Profitability
Metric	INDB	FBP	WSFS	CATY	RNST	CADE	Ind. Median
Net Margin	19.8%	28.6%●	22.6%	24.1%	15.4%	18.7%	20.6%
ROE	7.3%	19.0%●	11.4%	11.4%	6.9%	9.2%	10.9%
ROA	1.1%	1.9%●	1.4%	1.4%	1.0%	1.1%	1.2%
EBITDA Margin	—	—	—	—	—	—	20.4%

Growth + Dividend
Metric	INDB	FBP	WSFS	CATY	RNST	CADE	Ind. Median
Rev. Growth	—	—	—	—	—	—	—
NI Growth	27.5%●	17.9%	16.9%	17.1%	15.4%	4.0%	19.4%
Div. Yield	2.8%●	2.8%	0.9%	2.3%	2.1%	2.6%	2.5%
Payout	45.2%	33.2%	12.1%	28.7%	37.7%	29.8%	31.4%

The green dot marks the best value in the group given the metric direction (higher/lower is better). All metrics use trailing-twelve-month (TTM) data.

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Data on this page refreshes once per day. Price data as of Jul 6, 26. This content is for informational purposes only and is not investment advice.