8-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K


Current Report Pursuant to Section 13 or 15 (d) of
The Securities and Exchange Act of 1934

DATE OF REPORT:
April 16, 2015(Date of Earliest Event Reported)

MASSACHUSETTS
(State or Other Jurisdiction of Incorporation)

1-9047	04-2870273
(Commission File Number)	(I.R.S. Employer Identification No.)

INDEPENDENT BANK CORP.Office Address:  2036 Washington Street, Hanover Massachusetts 02339
Mailing Address:  288 Union Street, Rockland, Massachusetts         02370
(Address of Principal Executive Offices)                                  (Zip Code)NOT APPLICABLE(Former Address of Principal Executive Offices)(Zip Code)781-878-6100(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

⃞Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02         RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On April 16, 2015 Independent Bank Corp. announced by press release its earnings for the quarter ended March 31, 2015.  A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 7.01         REGULATION FD DISCLOSURE

On April 16, 2015 Independent Bank Corp. announced by press release its earnings for the quarter ended March 31, 2015.  A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 9.01         FINANCIAL STATEMENTS AND EXHIBITS

(a)  Not applicable.

(b)  Not applicable.

(c)  The following exhibits are included with this Report:

Exhibit 99.1        Press Release dated April 16, 2015.

SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned and hereunto duly authorized.

		INDEPENDENT BANK CORP.
DATE:	April 16, 2015	/s/ Robert Cozzone
		ROBERT COZZONE
		CHIEF FINANCIAL OFFICER AND TREASURER

Exhibit Index

Exhibit #	Description
Exhibit 99.1	Q1 2015 Earnings Press Release dated April 16, 2015

EX-99.1

Exhibit 99.1

Independent Bank Corp. Reports First Quarter Operating Net Income of $15.8 Million

ROCKLAND, Mass.--(BUSINESS WIRE)--April 16, 2015--Independent Bank Corp. (NASDAQ: INDB), parent of Rockland Trust Company, today announced 2015 first quarter net income of $9.5 million, or $0.38 per diluted share as compared to $16.0 million, or $0.66 per diluted share in the prior quarter. The decrease in the Company’s earnings was largely attributable to merger and acquisition costs of $6.3 million, net of tax, recognized during the first quarter, relating to the February 20, 2015 acquisition of Peoples Federal Bancshares, Inc. (“Peoples”). When excluding these expenses and other items that the Company considers to be non-core, net operating earnings for the first quarter were $15.8 million, or $0.63 per diluted share, versus the prior quarter’s net operating earnings of $16.6 million, or $0.69 per diluted share, representing decreases of 4.5% and 8.7%, respectively.

“During the first quarter of 2015 we welcomed Peoples customers to Rockland Trust in a seamless manner due to superb teamwork on the part of many of my colleagues,” said Christopher Oddleifson, President and Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “Although the severe winter weather and competitive pressures made organic loan growth challenging, our asset quality remains pristine due to our credit underwriting discipline. Rockland Trust is stronger than ever and well positioned to take advantage of opportunities in Boston and the other markets we serve.”

PEOPLES ACQUISITION

The Peoples acquisition added eight full-service branches, $463.9 million in loans and $432.3 million in deposits, at fair value. Total consideration of $141.8 million was paid with stock and cash, with the Company issuing 2,052,137 shares of common stock and paying $55.4 million in cash, in the aggregate, to Peoples shareholders. The following table provides the purchase price allocation of net assets acquired for this transaction:

	Net Assets Acquired (at Fair Value)
	(Dollars in Thousands)
Assets:
Cash	$	41,957
Investments		43,585
Loans		463,927
Premises and Equipment		9,346
Goodwill		30,662
Core Deposit and Other Intangibles		3,936
Other Assets		46,920
Total Assets Acquired	$	640,333
Liabilities:
Deposits	$	432,250
Borrowings		51,209
Other Liabilities		15,054
Total Liabilities Assumed	$	498,513
Purchase Price	$	141,820

For further detail on the loans and deposits acquired, see the organic growth table provided in the financial schedules accompanying this release.

BALANCE SHEET

Total assets of $6.9 billion at March 31, 2015 increased by $546.2 million, or 8.6%, from the prior quarter and by $685.2 million, or 11.0%, as compared to the year ago period, inclusive of the acquisition of Peoples.

Inclusive of the Peoples acquisition, total loans at March 31, 2015 grew by $422.4 million, or 8.5% over the prior quarter and by $585.8 million, or 12.2% over the prior year period. On an organic basis, total loans declined slightly by $41.5 million, or 3.4% on an annualized basis in the first quarter. Growth in the commercial real estate, construction, and home equity portfolios was countered by declines in the commercial and industrial and residential loans portfolios as heightened competition and severe weather served to restrain loan closings and line utilization. Compared to a year ago, total loans grew organically by $121.9 million, or 2.5%.

Inclusive of the Peoples acquisition, total deposits at March 31, 2015 grew by $460.2 million, or 8.8% over the prior quarter and by $556.5 million, or 10.9% over the prior year period. On an organic basis, core deposits continued their steady growth with a rise of $47.0 million, or 4.2% on an annualized basis over the prior quarter and now represent 86.7% of total deposits. Total cost of deposits increased by one basis point as a result of the acquired deposit base, yet remained low at 0.21% for the quarter, reflecting the Company’s continued emphasis on lower cost funding. Compared to a year ago, total deposits grew organically by $124.2 million, or 2.4%.

The securities portfolio increased from the prior quarter to $782.3 million at March 31, 2015. The increase of $58.3 million was due primarily to the acquired Peoples portfolio of $43.6 million. The securities portfolio comprised 11.3% of total assets as of March 31, 2015.

Stockholders’ equity at March 31, 2015 rose to $732.9 million, an increase of 14.4% from the prior quarter, primarily as a result of the stock issued as consideration for the Peoples acquisition. Compared to the year ago period, stockholders’ equity has increased by $130.3 million, or 21.6%. The strong growth in capital led to an increase in the Company’s tangible book value per share, which increased by $0.64, or 3.3% during the first quarter, to $19.82. The Company’s tangible common ratio of 7.73% also reflected a strong increase from the prior quarter.

NET INTEREST INCOME

Net interest income increased to $51.2 million for the first quarter as compared to $49.8 million in the linked quarter, reflective of higher earning asset levels and a higher loan yield. During the first quarter, the Company’s net interest margin increased by eight basis points from the prior quarter to 3.50%, driven mainly by a four basis point accretion adjustment related to early payoffs on loans acquired along with lower liquid balances.

NONINTEREST INCOME

The Company recorded noninterest income of $16.6 million during the first quarter, which represents a $1.9 million, or 10.4%, decrease from the linked quarter. Significant changes in noninterest income in the first quarter compared to the prior quarter included the following:

• Deposit account fees and interchange and ATM fees decreased by $624,000, or 7.9%, mainly due to seasonal and weather related reductions in customer activity.
• Investment management income increased by $220,000, or 4.5%, and assets under administration increased by 3.4%.
• The income from the cash surrender value of life insurance policies decreased $133,000, or 14.6%, due to the timing of dividends received on certain policies which occurred during the prior quarter.
• Loan level derivative income declined $608,000 due to decreased volume.
• Other noninterest income decreased $893,000, or 32.4%, mainly due to capital gain distributions of $403,000 on the Company’s equity security portfolio during the fourth quarter of 2014 and an income decrease of $247,000 on a Community Reinvestment Act investment. Additionally, the Company recorded no gains on sale of fixed income securities during the quarter, as compared to $121,000 in the prior quarter.

NONINTEREST EXPENSE

Inclusive of merger and acquisition costs, the Company recorded noninterest expense of $55.0 million during the first quarter, a $10.6 million, or 23.9%, increase from the prior quarter. Significant changes in noninterest expense in the first quarter compared to the prior quarter included the following:

• Salaries and employee benefits increased $817,000, or 3.3%, due primarily to the addition of Peoples, as well as increases in equity compensation, medical insurance and a seasonal increase in payroll taxes. These increases were partially offset by decreases in performance based incentives and commissions.
• Occupancy and equipment expense increased $1.0 million, or 19.6%, mainly due to higher snow removal costs, as well as general expense increases due to the addition of Peoples facilities.
• The Company incurred $10.2 million in merger and acquisition costs related to the Peoples acquisition that closed on February 20, 2015.
• Other noninterest expenses decreased by $875,000, or 7.4%, as the Company experienced lower costs related to mortgage operations, loan workouts, debit cards, ATM expense, and other losses and charge-offs. These decreases were offset by an increase of $227,000 in advertising expenses due to the rollout of a spring marketing campaign.

The Company generated a return on average assets and a return on average common equity of 0.58% and 5.58%, respectively, in the first quarter, as compared to 0.99% and 9.93% in the prior quarter. On an operating basis, the return on average assets and the return on average common equity for the three months ended March 31, 2015 were 0.97% and 9.33%, respectively, as compared to 1.02% and 10.29%, respectively, for the prior quarter.

ASSET QUALITY

Asset quality metrics remained strong during the first quarter, due to the Company’s ongoing credit discipline and prudent resolution of problem loans. For the first quarter, total net charge-offs declined to $85,000, or 0.01% of average loans on an annualized basis, compared to 0.13% for the quarter ending December 31, 2014. The low charge-off levels were reflective of significant recoveries recognized by the Company during the first quarter. In light of the exceptionally low net charge-off level and an organic decline in the loan portfolio, application of current accounting guidelines resulted in a slight reduction in the allowance for loan losses in the first quarter and a corresponding negative provision for loan losses of $500,000 as compared to a provision of $1.8 million in the prior quarter. Nonperforming loans increased during the first quarter by $2.8 million to $30.3 million, and represent 0.56% of total loans at March 31, 2015, as compared to 0.55% of total loans at December 31, 2014. In addition, nonperforming assets were $40.3 million at the end of the first quarter, as compared to $38.9 million in the prior quarter. Delinquency as a percentage of loans was 0.53% at March 31, 2015, a decrease of twenty seven basis points from the prior quarter.

The allowance for loan losses was $54.5 million at March 31, 2015, as compared to $55.1 million at December 31, 2014. The Company’s allowance for loan losses as a percentage of loans was 1.01% and 1.11% at March 31, 2015 and December 31, 2014, respectively. Loans acquired in connection with the Peoples acquisition have been recorded at fair value, including a reduction for estimated credit losses, and without carryover of the respective portfolio’s historical allowance for loan losses. Excluding these recently acquired loans at March 31, 2015, the allowance for loan losses would have been approximately 1.11% of total loans.

CONFERENCE CALL INFORMATION

Christopher Oddleifson, Chief Executive Officer and Robert Cozzone, Chief Financial Officer will host a conference call to discuss first quarter earnings at 10:00 a.m. Eastern Time on Friday, April 17, 2015. Internet access to the call is available on the Company’s website at www.rocklandtrust.com or via telephonic access by dial-in at 1-888-336-7153 reference: INDB. A replay of the call will be available by calling 1-877-344-7529. Replay Conference Number: 10062760 and will available through May 1, 2015. Additionally, a webcast replay will be available until April 17, 2016.

ABOUT INDEPENDENT BANK CORP.

Independent Bank Corp. has approximately $6.9 billion in assets and is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust offers a wide range of banking, investment, and insurance services to businesses and individuals through retail branches, commercial lending offices, investment management offices, and residential lending centers located in Eastern Massachusetts and Rhode Island, as well as through telephone banking, mobile banking, and the Internet. Rockland Trust, which was named to Sandler 2014 Sm-All Stars list of top performing small-cap banks and thrifts in the country, is an FDIC Member and an Equal Housing Lender. To find out why Rockland Trust is the bank “Where Each Relationship Matters ®”, please visit www.rocklandtrust.com.

This press release contains certain “forward-looking statements” with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking terminology as “expect,” “achieve,” “plan,” “believe,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements.

Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

• a weakening in the United States economy in general and the regional and local economies within the New England region and the Company’s market area;
• adverse changes in the local real estate market;
• a further deterioration of the credit rating for U.S. long-term sovereign debt;
• acquisitions may not produce results at levels or within time frames originally anticipated and may result in unforeseen integration issues or impairment of goodwill and/or other intangibles;
• changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System;
• higher than expected tax rates and any changes in and any failure by the Company to comply with tax laws generally and requirements of the federal New Markets Tax Credit program;
• unexpected changes in market interest rates for interest earning assets and/or interest bearing liabilities;
• adverse changes in asset quality including an unanticipated credit deterioration in our loan portfolio;
• unexpected increased competition in the Company’s market area;
• unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather or other external events;
• a deterioration in the conditions of the securities markets;
• our inability to adapt to changes in information technology;
• electronic fraudulent activity within the financial services industry, especially in the commercial banking sector;
• adverse changes in consumer spending and savings habits;
• the inability to realize expected revenue synergies from the Peoples Federal Bancshares merger in the amounts or in the timeframe anticipated;
• inability to retain customers and employees, including those of Peoples Federal Bancshares;
• the effect of new laws and regulations regarding the financial services industry including, but not limited to, the Dodd-Frank Wall Street Reform and Consumer Protection Act;
• changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Company’s business;
• changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters; and
• other unexpected material adverse changes in our operations or earnings.

This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This information includes operating earnings and operating EPS, return on average assets and return on average common equity calculated on an operating basis, and the allowance for loan losses excluding the loans acquired from Peoples. The non-GAAP financial measures, including operating earnings and operating EPS, exclude gain or loss due to items that management believes are unrelated to its core banking business and will not have a material financial impact on operating results in future periods, such as gains or losses on the sales of securities, merger and acquisition expenses, and other items. The Company’s management uses operating earnings and operating EPS to measure the strength of the Company’s core banking business and to identify trends that may to some extent be obscured by such excluded gains or losses. The Company has included information on these non-GAAP measures because management believes that investors may find it useful to have access to the same analytical tool used by management and may also find that it facilitates the comparison of the Company to other companies in the financial services industry. These non-GAAP measures should not be viewed as a substitute for operating results determined in accordance with GAAP. An item which management deems to be non-core and excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating earnings and operating EPS, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.

INDEPENDENT BANK CORP. FINANCIAL SUMMARY
										% Change		% Change
CONSOLIDATED BALANCE SHEETS	March 31,			December 31,			March 31,			Mar 2015 vs.		Mar 2015 vs.
(Unaudited dollars in thousands)		2015			2014			2014		Dec 2014		Mar 2014
Assets
Cash and due from banks	$	108,804		$	143,342		$	142,349		-24.09	%	-23.57	%
Interest-earning deposits with banks		47,470			34,912			74,934		35.97	%	-36.65	%
Securities
Securities - trading		494			-			-		100.00	%	100.00	%
Securities - available for sale		387,038			348,554			348,258		11.04	%	11.14	%
Securities - held to maturity		394,745			375,453			375,556		5.14	%	5.11	%
Total securities		782,277			724,007			723,814		8.05	%	8.08	%
Loans held for sale		9,507			6,888			6,788		38.02	%	40.06	%
Loans
Commercial and industrial		829,380			860,839			822,509		-3.65	%	0.84	%
Commercial real estate		2,606,444			2,347,323			2,282,939		11.04	%	14.17	%
Commercial construction		291,666			265,994			239,536		9.65	%	21.76	%
Small business		87,709			85,247			78,147		2.89	%	12.24	%
Total commercial		3,815,199			3,559,403			3,423,131		7.19	%	11.45	%
Residential real estate		681,379			530,259			538,626		28.50	%	26.50	%
Home equity - 1st position		519,978			513,518			499,095		1.26	%	4.18	%
Home equity - subordinate positions		356,938			350,345			328,190		1.88	%	8.76	%
Total consumer real estate		1,558,295			1,394,122			1,365,911		11.78	%	14.08	%
Other consumer		19,624			17,208			18,227		14.04	%	7.66	%
Total loans		5,393,118			4,970,733			4,807,269		8.50	%	12.19	%
Less - allowance for loan losses		(54,515	)		(55,100	)		(53,629	)	-1.06	%	1.65	%
Net loans		5,338,603			4,915,633			4,753,640		8.60	%	12.31	%
Federal Home Loan Bank stock		37,485			33,233			39,926		12.79	%	-6.11	%
Bank premises and equipment		73,315			64,074			64,433		14.42	%	13.78	%
Goodwill and core deposit intangible		215,058			180,306			182,051		19.27	%	18.13	%
Other assets		298,566			262,517			237,985		13.73	%	25.46	%
Total assets	$	6,911,085		$	6,364,912		$	6,225,920		8.58	%	11.01	%
Liabilities and Stockholders' Equity
Deposits
Demand deposits	$	1,603,124		$	1,462,200		$	1,399,717		9.64	%	14.53	%
Savings and interest checking accounts		2,232,832			2,108,486			2,032,204		5.90	%	9.87	%
Money market		1,088,223			990,160			957,052		9.90	%	13.71	%
Time certificates of deposit		746,533			649,620			725,286		14.92	%	2.93	%
Total deposits		5,670,712			5,210,466			5,114,259		8.83	%	10.88	%
Borrowings
Federal Home Loan Bank borrowings		108,246			70,080			140,228		54.46	%	-22.81	%
Customer repurchase agreements and other short-term borrowings		128,138			147,890			128,485		-13.36	%	-0.27	%
Wholesale repurchase agreements		50,000			50,000			50,000		0.00	%	0.00	%
Junior subordinated debentures		73,631			73,685			73,852		-0.07	%	-0.30	%
Subordinated debentures		35,000			65,000			30,000		-46.15	%	16.67	%
Total borrowings		395,015			406,655			422,565		-2.86	%	-6.52	%
Total deposits and borrowings		6,065,727			5,617,121			5,536,824		7.99	%	9.55	%
Other liabilities		112,472			107,264			86,540		4.86	%	29.97	%
Stockholders' equity
Common stock		259			237			236		9.28	%	9.75	%
Additional paid in capital		399,936			311,978			306,156		28.19	%	30.63	%
Retained earnings		333,104			330,444			301,218		0.80	%	10.59	%
Accumulated other comprehensive loss, net of tax		(413	)		(2,132	)		(5,054	)	-80.63	%	-91.83	%
Total stockholders' equity		732,886			640,527			602,556		14.42	%	21.63	%
Total liabilities and stockholders' equity	$	6,911,085		$	6,364,912		$	6,225,920		8.58	%	11.01	%

CONSOLIDATED STATEMENTS OF INCOME	Three Months Ended
(Unaudited dollars in thousands)										% Change		% Change
	March 31,			December 31,			March 31,			Mar 2015 vs.		Mar 2015 vs.
		2015			2014			2014		Dec 2014		Mar 2014
Interest income
Interest on fed funds sold and short term investments	$	30		$	76		$	38		-60.53	%	-21.05	%
Interest and dividends on securities		4,661			4,741			4,687		-1.69	%	-0.55	%
Interest on loans		51,687			49,911			48,204		3.56	%	7.23	%
Interest on loans held for sale		51			99			51		-48.48	%	0.00	%
Total interest income		56,429			54,827			52,980		2.92	%	6.51	%
Interest expense
Interest on deposits		2,763			2,725			2,791		1.39	%	-1.00	%
Interest on borrowed funds		2,417			2,282			2,583		5.92	%	-6.43	%
Total interest expense		5,180			5,007			5,374		3.46	%	-3.61	%
Net interest income		51,249			49,820			47,606		2.87	%	7.65	%
Less - provision for loan (benefit) losses		(500	)		1,750			4,502		-128.57	%	-111.11	%
Net interest income after provision for loan losses		51,749			48,070			43,104		7.65	%	20.06	%
Noninterest income
Deposit account fees		4,166			4,587			4,359		-9.18	%	-4.43	%
Interchange and ATM fees		3,100			3,303			2,975		-6.15	%	4.20	%
Investment management		5,107			4,887			4,603		4.50	%	10.95	%
Mortgage banking income		1,126			1,004			487		12.15	%	131.21	%
Increase in cash surrender value of life insurance policies		778			911			722		-14.60	%	7.76	%
Gain on life insurance benefits		-			-			1,627		n/a		-100.00	%
Loan level derivative income		418			1,026			746		-59.26	%	-43.97	%
Other noninterest income		1,862			2,755			1,997		-32.41	%	-6.76	%
Total noninterest income		16,557			18,473			17,516		-10.37	%	-5.47	%
Noninterest expense
Salaries and employee benefits		25,288			24,471			23,080		3.34	%	9.57	%
Occupancy and equipment		6,394			5,347			6,146		19.58	%	4.04	%
Data processing and facilities management		1,122			1,156			1,253		-2.94	%	-10.45	%
FDIC assessment		956			942			905		1.49	%	5.64	%
Merger and acquisition		10,230			586			77		1645.73	%	13185.71	%
Other noninterest expense		10,987			11,862			10,426		-7.38	%	5.38	%
Total noninterest expense		54,977			44,364			41,887		23.92	%	31.25	%
Income before income taxes		13,329			22,179			18,733		-39.90	%	-28.85	%
Provision for income taxes		3,869			6,201			5,350		-37.61	%	-27.68	%
Net income	$	9,460		$	15,978		$	13,383		-40.79	%	-29.31	%
Basic earnings per share	$	0.38		$	0.67		$	0.56		-43.28	%	-32.14	%
Diluted earnings per share	$	0.38		$	0.66		$	0.56		-42.42	%	-32.14	%
Basic average shares		24,959,865			23,968,320			23,819,065
Diluted average shares		25,040,080			24,055,132			23,919,238
Performance ratios
Net interest margin (FTE)		3.50	%		3.42	%		3.49	%
Return on average assets		0.58	%		0.99	%		0.88	%
Return on average common equity		5.58	%		9.93	%		9.02	%
Reconciliation table - non-GAAP financial information
Net income	$	9,460		$	15,978		$	13,383		-40.79	%	-29.31	%
Noninterest income components
Less - gain on sale of fixed income securities, net of tax		-			(72	)		-
Less - gain on life insurance benefits (tax exempt)		-			-			(1,627	)
Noninterest expense components
Add - loss on extinguishmnet of debt		72			-			-
Add - loss on sale of fixed income securities		-			13			-
Add - merger & acquisition expenses, net of tax		6,287			404			66
Add - impairment on acquired facilities, net of tax		-			-			298
Other components:
Add - Adjustment for tax effect of previously incurred merger and acquisition expenses		-			235			-
Net operating earnings	$	15,819		$	16,558		$	12,120		-4.47	%	30.52	%
Diluted earnings per share, on an operating basis	$	0.63		$	0.69		$	0.51		-8.70	%	23.53	%

Reconciliation table - non-GAAP financial information
(Unaudited dollars in thousands)	Three Months Ended
										% Change
	March 31,			December 31,			March 31,			Mar 2015 vs.			Mar 2015 vs.
		2015			2014			2014		Dec 2014			Mar 2014
Noninterest income GAAP	$	16,557		$	18,473		$	17,516			-10.37	%		-5.47	%
Less - net gain on sale of fixed income securities		-			(121	)		-			-100.00	%		n/a
Less - gain on life insurance benefits		-			-			(1,627	)		n/a			-100.00	%
Total noninterest income as adjusted	$	16,557		$	18,352		$	15,889			-9.78	%		4.20	%
Noninterest expense GAAP	$	54,977		$	44,364		$	41,887			23.92	%		31.25	%
Less - loss on sale of fixed income securities		-			(21	)		-			-100.00	%		n/a
Less - loss on extinguishment of debt		(122	)		-			-			100.00	%		100.00	%
Less - merger and acquisition expenses		(10,230	)		(586	)		(77	)		1645.73	%		13185.71	%
Less - impairment on acquired facilities		-			-			(503	)		n/a			-100.00	%
Total noninterest expense as adjusted	$	44,625		$	43,757		$	41,307			1.98	%		8.03	%
Asset quality	Nonperforming Assets									Net Charge-Offs
	At									For the Three Months Ended
	March 31,			December 31,			March 31,			March 31,			December 31,			March 31,
		2015			2014			2014			2015			2014			2014
Nonperforming loans
Commercial & industrial loans	$	4,542		$	2,822		$	3,299		$	182		$	91		$	704
Commercial real estate loans		8,770			7,590			13,970			(544	)		1,099			2,854
Small business loans		267			246			788			83			29			221
Residential real estate loans		8,693			8,803			11,000			140			117			128
Home equity		8,015			8,038			7,062			89			154			1
Other consumer		53			13			52			135			165			204
Total nonperforming loans / total net charge-offs	$	30,340		$	27,512		$	36,171		$	85		$	1,655		$	4,112
Nonaccrual securities		3,723			3,640			2,353
Other assets in possession		-			-			167
Other real estate owned		6,285			7,742			7,830
Total nonperforming assets	$	40,348		$	38,894		$	46,521
Nonperforming loans/gross loans		0.56	%		0.55	%		0.75	%
Nonperforming assets/total assets		0.58	%		0.61	%		0.75	%
Allowance for loan losses/nonperforming loans		179.68	%		200.28	%		148.27	%
Gross loans/total deposits		95.10	%		95.40	%		94.00	%
Allowance for loan losses/total loans		1.01	%		1.11	%		1.12	%
Net charge-offs to average loans (quarter annualized)											0.01	%		0.13	%		0.35	%
	Three Months Ended
	March 31,			December 31,			March 31,
Nonperforming assets reconciliation		2015			2014			2014
Nonperforming assets beginning balance	$	38,894		$	38,557		$	43,833
New to Nonperforming		11,523			9,287			10,369
Loans charged-off		(1,525	)		(2,325	)		(4,566	)
Loans paid-off		(5,923	)		(4,119	)		(1,367	)
Loans transferred to other real estate owned/other assets		(354	)		(209	)		(746	)
Loans restored to performing status		(891	)		(1,230	)		(2,062	)
New to other real estate owned		354			209			746
Sale of other real estate owned		(1,633	)		(3,206	)		(590	)
Capital improvements to other real estate owned		665			1,483			444
Other		(762	)		447			460
Nonperforming assets ending balance	$	40,348		$	38,894		$	46,521
	Troubled Debt Restructurings
	At
	March 31,			December 31,			March 31,
		2015			2014			2014
Troubled debt restructurings on accrual status	$	36,887		$	38,382		$	40,329
Troubled debt restructurings on nonaccrual status		4,899			5,248			6,998
Total troubled debt restructurings	$	41,786		$	43,630		$	47,327
	March 31,			December 31,			March 31,
Financial ratios		2015			2014			2014
Book value per common share	$	28.05		$	26.69		$	25.23
Tangible book value per share	$	19.82		$	19.18		$	17.61
Tangible common capital/tangible assets		7.73	%		7.44	%		6.96	%
Capital adequacy
Common equity tier 1 capital ratio (1)		9.97	%		n/a			n/a
Tier one leverage capital ratio (1)		9.52	%		8.84	%		8.60	%
(1) Estimated number for March 31, 2015.

INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited - dollars in thousands)	Three Months Ended
	March 31, 2015						December 31, 2014							March 31, 2014
			Interest							Interest							Interest
	Average		Earned/		Yield/			Average		Earned/		Yield/			Average		Earned/		Yield/
	Balance		Paid		Rate			Balance		Paid		Rate			Balance		Paid		Rate
Interest-earning assets
Interest-earning deposits with banks, federal funds sold, and short term investments	$	48,698	$	30	0.25	%		$	120,647	$	76	0.25	%		$	61,356	$	38	0.25	%
Securities
Securities - trading		179		-	0.00	%			-		-	-				-		-	-
Securities - taxable investments		745,242		4,627	2.52	%			726,417		4,708	2.57	%			706,355		4,650	2.67	%
Securities - nontaxable investments (1)		5,585		52	3.78	%			5,670		51	3.57	%			6,143		63	4.16	%
Total securities		751,006		4,679	2.53	%			732,088		4,759	2.58	%			712,498		4,713	2.68	%
Loans held for sale		7,603		51	2.72	%			11,972		99	3.28	%			6,041		51	3.42	%
Loans
Commercial and industrial		855,462		8,207	3.89	%			845,113		8,207	3.85	%			816,467		7,941	3.94	%
Commercial real estate (1)		2,454,630		25,720	4.25	%			2,358,236		24,689	4.15	%			2,281,778		24,205	4.30	%
Commercial construction		280,049		2,900	4.20	%			259,218		2,895	4.43	%			228,818		2,346	4.16	%
Small business		86,498		1,172	5.50	%			82,417		1,143	5.50	%			77,503		1,069	5.59	%
Total commercial		3,676,639		37,999	4.19	%			3,544,984		36,934	4.13	%			3,404,566		35,561	4.24	%
Residential real estate		602,490		6,211	4.18	%			534,527		5,465	4.06	%			540,382		5,166	3.88	%
Home equity		869,688		7,419	3.46	%			859,994		7,507	3.46	%			823,890		7,258	3.57	%
Total consumer real estate		1,472,178		13,630	3.75	%			1,394,521		12,972	3.69	%			1,364,272		12,424	3.69	%
Other consumer		17,893		412	9.34	%			16,534		387	9.29	%			19,226		485	10.23	%
Total loans		5,166,710		52,041	4.08	%			4,956,039		50,293	4.03	%			4,788,064		48,470	4.11	%
Total interest-earning assets	$	5,974,017	$	56,801	3.86	%		$	5,820,745	$	55,227	3.76	%		$	5,567,959	$	53,272	3.88	%
Cash and due from banks		114,974							120,228							140,788
Federal Home Loan Bank stock		35,076							33,233							39,926
Other assets		494,042							435,254							405,367
Total assets	$	6,618,109						$	6,409,460						$	6,154,040
Interest-bearing liabilities
Deposits
Savings and interest checking accounts	$	2,134,044	$	862	0.16	%		$	2,129,340	$	871	0.16	%		$	1,962,983	$	889	0.18	%
Money market		1,049,472		676	0.26	%			1,010,401		653	0.26	%			997,817		619	0.25	%
Time deposits		689,530		1,225	0.72	%			658,533		1,201	0.72	%			733,018		1,281	0.71	%
Total interest-bearing deposits	$	3,873,046	$	2,763	0.29	%		$	3,798,274	$	2,725	0.28	%		$	3,693,818	$	2,789	0.31	%
Borrowings
Federal Home Loan Bank borrowings	$	97,596	$	502	2.09	%		$	60,974	$	456	2.97	%		$	151,273	$	1,002	2.69	%
Customer repurchase agreements and other short-term borrowings		138,836		63	0.18	%			156,041		52	0.13	%			138,536		55	0.16	%
Wholesale repurchase agreements		50,000		286	2.32	%			50,000		292	2.32	%			50,000		286	2.32	%
Junior subordinated debentures		73,661		992	5.46	%			73,712		1,012	5.45	%			73,884		992	5.45	%
Subordinated debentures		51,667		574	4.51	%			47,120		470	3.96	%			30,000		248	3.35	%
Total borrowings	$	411,760	$	2,417	2.38	%		$	387,847	$	2,282	2.33	%		$	443,693	$	2,583	2.36	%
Total interest-bearing liabilities	$	4,284,806	$	5,180	0.49	%		$	4,186,121	$	5,007	0.47	%		$	4,137,511	$	5,372	0.53	%
Demand deposits		1,536,919							1,493,464							1,347,559
Other liabilities		108,855							91,726							67,259
Total liabilities	$	5,930,580						$	5,771,311						$	5,552,329
Stockholders' equity		687,529							638,149							601,711
Total liabilities and stockholders' equity	$	6,618,109						$	6,409,460						$	6,154,040
Net interest income			$	51,621						$	50,220						$	47,900
Interest rate spread (2)					3.37	%						3.29	%						3.35	%
Net interest margin (3)					3.50	%						3.42	%						3.49	%
Supplemental Information
Total deposits, including demand deposits	$	5,409,965	$	2,763				$	5,291,738	$	2,725				$	5,041,377	$	2,789
Cost of total deposits					0.21	%						0.20	%						0.22	%
Total funding liabilities, including demand deposits	$	5,821,725	$	5,180				$	5,679,585	$	5,007				$	5,485,070	$	5,372
Cost of total funding liabilities					0.36	%						0.35	%						0.40	%

(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $372,000, $400,000, and $291,000 for the three months ended March 31, 2015, December 31, 2014, and March 31, 2014, respectively.

(2) Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

Organic Loan and Deposit Growth
	Quarter over Quarter											Year over Year
										Organic							Organic
	March 31,		December 31,		Balance		Organic			Growth/(Loss)		March 31,		Organic			Growth/(Loss)
		2015		2014	Acquired		Growth/(Loss)			%			2014	Growth/(Loss)			%
Loans
Commercial and Industrial	$	829,380	$	860,839	$	11,268	$	(42,727	)	-5.0	%	$	822,509	$	(4,397	)	-0.53	%
Commercial Real Estate		2,606,444		2,347,323		249,383		9,738		0.4	%		2,282,939		74,122		3.25	%
Commercial Construction		291,666		265,994		15,299		10,373		3.9	%		239,536		36,831		15.38	%
Small Business		87,709		85,247		120		2,342		2.7	%		78,147		9,442		12.08	%
Total Commercial		3,815,199		3,559,403		276,070		(20,274	)	-0.6	%		3,423,131		115,998		3.39	%
Residential Real Estate		681,379		530,259		175,323		(24,203	)	-4.6	%		538,626		(32,570	)	-6.05	%
Home Equity		876,916		863,863		9,072		3,981		0.5	%		827,285		40,559		4.90	%
Total Consumer Real Estate		1,558,295		1,394,122		184,395		(20,222	)	-1.5	%		1,365,911		7,989		0.58	%
Total Other Consumer		19,624		17,208		3,462		(1,046	)	-6.1	%		18,227		(2,065	)	-11.33	%
Total Loans	$	5,393,118	$	4,970,733	$	463,927	$	(41,542	)	-0.8	%	$	4,807,269	$	121,922		2.54	%
Deposits
Demand Deposits	$	1,603,124	$	1,462,200	$	71,362	$	69,562		4.8	%	$	1,399,717	$	132,045		9.43	%
Savings and Interest Checking Accounts		2,232,832		2,108,486		168,228		(43,882	)	-2.1	%		2,032,204		32,400		1.59	%
Money Market		1,088,223		990,160		76,724		21,339		2.2	%		957,052		54,447		5.69	%
Time Certificates of Deposit		746,533		649,620		115,936		(19,023	)	-2.9	%		725,286		(94,689	)	-13.06	%
Total Deposits	$	5,670,712	$	5,210,466	$	432,250	$	27,996		0.5	%	$	5,114,259	$	124,203		2.43	%

CONTACT:
Independent Bank Corp.
Chris Oddleifson, 781-982-6660
President and Chief Executive Officer
or
Robert Cozzone, 781-982-6723
Chief Financial Officer and Treasurer