Exhibit 99.1
May 7, 2012
Christopher Oddleifson
President & Chief Executive Officer
Denis K. Sheahan Chief Financial Officer
Who We Are
• Main Sub: Rockland Trust
• Market: Eastern Massachusetts
• Loans: $3.9 B
• Deposits: $3.9 B
• $AUA: $2.0 B
• Equity: $0.5 M
• NASDAQ: INDB
Key Messages
• Business lines generating robust volumes
• Solid, high-quality earnings performances
• Steadily expanding market presence
• Aggressively promoting brand and new products
• Investing for growth in high priority businesses
• Disciplined risk management culture
• Strong tangible and regulatory capital
Company Footprint
67 Branches
4 | Mortgage Banking Centers |
10 Commercial Banking Centers
4 | Investment Management Centers |
Market Share
% of INDB Dep.
Market Share
% of INDB Dep.
Market Share
% of INDB Dep.
Plymouth County
Barnstable County (Cape Cod)
Norfolk County
Rank
2011
Rank
2011
Rank
2011
1
16.7%
45%
4
10.2%
16%
7
3.6%
19%
Bristol County
Worcester County
MIddlesex County
Rank
2011
Rank
2011
Rank
2011
9
5.2%
14%
44
0.3%
1%
47
0.4%
4%
2011 Accomplishments
• Operating E.P.S. up 12% in 2011 (+ 33% in 2010)
• Excellent commercial loan and core deposit growth
• Expanded breadth and depth of commercial franchise
• New household acquisition grew by 51%
• Investment Management growth: Rev. ? 15%, $AUA ? 5%
• All capital ratios and TBV rose in 2011
• Fitch upgrade of long-term issuer rating
• Top Place to Work (3rd year) designation
• Momentum continuing into 2012
Financial Results
Fundamentals in Excellent Shape
• Robust C&I loan growth
• Core dep. up to 84%
• Growing wealth mgmt.
• Excellent asset quality
• Strong capital
• ROA 1.0%
Diluted EPS
$1.43
$1.90
$2.12
$0.52
$0.56
Robust Core Business Generation
($ Millions)
Comm’l Loan Originations
Consumer Loan Originations (Resi’s & Home Eq.)
Strong Commercial and Industrial Loan Growth
Adding High Quality Corporate Customers
Commercial Banking Recent Growth Initiatives
• Hired experienced team of asset-based lenders
• Opened new commercial office in Providence
– Includes wealth mgmt. services
• Added senior C&I lender in Boston market
• Expanded retirement plan service outreach to small businesses
Attractive Earning Asset Mix
Securities & ST Investments Resi Mtges Home Eq Other Consumer Comm'l Loans
Shift Towards Higher Yielding Assets 10
Improved Funding Mix Lower Cost Deposits
TOTAL DEPOSITS 1Q12 $3.9 B
AVERAGE COST—TOTAL DEP: 0.29%
Very Focused On Containing Deposit Costs
Net Interest Margin
Fairly steady over various rate cycles Current low rate environment adding pressure
Disciplined Credit Culture
• Longstanding underwriting conservatism
• Loan portfolio based within footprint
• In-depth knowledge of local markets
• No wholesale originations of any loan type
• Workout team in place for 20 years
• Expedited problem loan resolution
Asset Quality – No Drama
NPL’s Net Chargeoffs
($ Millions) ($ Millions)
Strong Loan Loss Reserves
Reserves a Healthy Multiple of Loss Rate
Strong Capital
Tier 1 Leverage %
(Year end)
Tangible Common % (1)
Tangible Book Value (1)
• All capital growth internally generated
• No external capital raising
• No dividend cuts (1) 16
Includes tax deductibility of certain goodwill
Attentive to Shareholder Returns
Cash Dividends Per Share
Investment Management – High Priority Growth Business
• Transformed business in 2004 – tripled in size since
• Strong feeder business from bank
• Proprietary and 3rd party fund offerings
• Strong intermediary network
• Expanding outreach and talent
PAGE 19 NOT PASTE
Investment Management –
High Priority Growth Business
• Growing source of fee revenues
• Natural fit with client base
• Expanded investment offerings
• Professionally managed
Sustaining Business Momentum
Business Line Focal Points
• Expand Market Presence • Grow C&I Client Base
• Expand Specialty Products, e.g. ABL
• Continue to Drive Household Growth • Expand Electronic Banking Platform • Optimize Branch Network
• Capitalize on Strong Market Demographics • Target COI Opportunity • Continue Strong Branch/Commercial Referrals
• Continue Aggressive H.E. Marketing
Building Franchise Value
Disciplined Acquisitions
Fleet
Falmouth
Slade’s Ferry
Benjamin
BANK
Divest.
Bancorp
Bancorp
Franklin Bancorp.
Aug ‘00
Jul ‘04
Mar ‘08
Apr ‘09
$336mm Deposits
$158mm Assets
$610mm Assets
$998mm Assets
$135mm Loans
$137mm Deposits
$409mm Deposits
$653mm Deposits
16 Branches
4 Branches
9 Branches
11 Branches
Deal Value: $40MM
Deal Value: $37MM
Deal Value: $105MM
Deal Value: $84.5MM
12% Dep. Premium
11% Dep. Premium
17% Dep. Premium
2% Dep. Premium
Compass
O’Connell
Exchange
Investments
Jan ‘07
Nov ‘07
NON-
IRS Sec. 1031
Like-Kind Exchange
$200mm AUM
BANK
Services
Deal Value: N/A
Deal Value: N/A
Cash Deal w/ Earn-Out
Cash Deal w/ Earn- Out
All Acquisitions Immediately Accretive
2012 Outlook – Key Expectations
Loan Growth +6 – 7% Led by commercial and home equity Deposits +4 – 6% Continued core deposit growth Net Chargeoffs $9 – 12 MM Provision $10 – 14 MM
Net Int. Margin FY: Mid 3.70s% Q1 margin of 3.82% Q4 3.70%
Non-Interest Inc. Flattish Invest. mgmt. ?, Mort. rev. ? NIE + 2 – 3% Selective growth investing Tax Rate 27.5%vs. 27% in 2010
INDB – Investment Merits
• High quality franchise in attractive markets
• Strong on-the-ground business volumes
• Operating platform that can be leveraged further
• Investing for growth in competitive strengths
• Balance sheet equipped to deal with uncertainty
• Grounded management team
• Aligned with shareholders – insider ownership 7%
• Positioned to grow, build, and acquire to drive long-term value creation
NASDAQ Ticker: INDB
www.rocklandtrust.com
Denis Sheahan—CFO Shareholder Relations: Jennifer Kingston (781) 878-6100
Statements contained in this presentation that are not historical facts are “forward-looking statements” that are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.
Appendix
Commercial Real Estate Portfolio
Well Diversified
Avg Loan Size: $650 thou
Largest CRE Credit: $13 mil
Non-Construction Related $2.0 Billion as of 3/31/12 Non-Performing
Commercial & Industrial Portfolio
Diversification
$0.6 Billion as of 3/31/12
