INDB INDEPENDENT BANK CORP

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in only 1/4 quarters. Q3 2025: $0M, Q2 2025: $0M, Q1 2025: $31M, Q3 2024: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $10M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Buyback $31M / FCF $95M = 33% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Missing shares repurchased or outstanding data

Are officers and directors buying stock with their own money on the open market?

6 open-market purchases by 4 insiders

• Ruggiero Mark J (CFO & EVP Consumer Lending) bought 500 shares at $51.09 on 2024-03-01
• Tengel Jeffrey J (Chief Executive Officer) bought 2,100 shares at $48.58 on 2023-10-30
• Powlus Lee C (Chief Tech & Operations Off.) bought 512 shares at $47.45 on 2023-10-27
• Tengel Jeffrey J (Chief Executive Officer) bought 2,069 shares at $48.42 on 2023-05-04
• Jensen Barry H (Chief Technology & Ops Officer) bought 1,000 shares at $50.66 on 2023-05-02
• Ruggiero Mark J (CFO & EVP Consumer Lending) bought 1,000 shares at $56.29 on 2023-04-28

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 1 of 4 quarters

• Q1 2025: Ruggiero Mark J bought while company spent $31M

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $0M, sold $19M (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected