INDEPENDENT BANK CORP 10-K

ITEM 5. MARKET FOR INDEPENDENT BANK CORP.'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES (a.) Independent Bank Corp.’s common stock trades on the NASDAQ Global Select Market under the symbol INDB. The Company declared aggregate cash dividends of $1.92 and $1.84 per share in 2021 and in 2020, respectively. The ratio of dividends paid to earnings in 2021 and 2020 was 51.85% and 50.21%, respectively. Payment of dividends by the Company on its common stock is subject to various regulatory restrictions and guidelines. Since substantially all of the funds available for the payment of dividends are derived from the Bank, future dividends will depend on the earnings of the Bank, its financial condition, its need for funds, applicable governmental policies and regulations, and other such matters as the Board of Directors deems appropriate. Management believes that the Bank will continue to generate adequate earnings to continue to pay comparable common dividends on a quarterly basis. The following schedule summarizes the closing price range of common stock and the cash dividends paid for the fiscal years 2021 and 2020: 2021 High Low Dividend 4th Quarter $ 91.72 $ 77.29 $ 0.48 3rd Quarter 78.40 68.70 0.48 2nd Quarter 84.64 75.30 0.48 1st Quarter 98.62 72.60 0.48 2020 High Low Dividend 4th Quarter $ 76.82 $ 51.33 $ 0.46 3rd Quarter 70.05 50.12 0.46 2nd Quarter 77.15 56.28 0.46 1st Quarter 83.43 52.37 0.46 As of February 23, 2022, there were 47,399,980 shares of common stock outstanding which were held by approximately 4,384 holders of record. The number of record-holders may not reflect the number of persons or entities holding stock in nominee name through banks, brokerage firms, and other nominees. The closing price of the Company’s common stock on December 31, 2021 was $81.53. The information required by S-K Item 201(d) is incorporated by reference from Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters of this Report. Comparative Stock Performance Graph The stock performance graph below and associated table compare the cumulative total shareholder return of the Company’s common stock from December 31, 2016 to December 31, 2021 to the cumulative total return of the NASDAQ Composite Index (U.S. Companies) and the KBW NASDAQ Bank Index. The lines in the graph and the numbers in the table below represent yearly index levels derived from compounded daily returns that include reinvestment or retention of all dividends. If the yearly interval, based on the last day of a fiscal year, was not a trading day, the preceding trading day was 35 Table o f Contents used. The index value for all of the series was set to 100.00 on December 31, 2016 (which assumes that $100.00 was invested in each of the series on December 31, 2016). The following information in this Item 5 of this Report is not deemed to be "soliciting material" or to be "filed" with the SEC or subject to Regulation 14A or 14C under the Exchange Act or to the liabilities of Section 18 of the Exchange Act and will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent the Company specifically incorporates it by reference into such a filing. The stock price performance shown on the stock performance graph and associated table below is not necessarily indicative of future price performance. Information used in the graph and table was obtained from a third party provider, a source believed to be reliable, but the Company is not responsible for any errors or omissions in such information. The following chart depicts the total return performance of the Company: (b.) Not applicable 36 Table o f Contents (c.) The following table sets forth information regarding the Company’s repurchases of its common stock during the three months ended December 31, 2021: Issuer Purchases of Equity Securities Period Total Number of Shares Purchased(1) Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plan or Program Maximum Number of Shares That May Yet Be Purchased Under the Plan or Program October 1 to October 31, 2021 — $ — — — November 1 to November 30, 2021 27 89.81 — — December 1 to December 31, 2021 — — — — Total 27 $ 89.81 — — (1) Shares purchased relate to the surrendering of mature shares for the exercise and/or vesting of stock compensation grants and related tax withholding. On January 20, 2022, the Company announced a stock buyback plan which authorizes repurchases by the Company of up to $140 million in common stock. The stock buyback plan was approved by the Company's Board of Directors, pending the receipt of non-objection from the Federal Reserve, which was received on January 19, 2022. Repurchases under the plan may be made from time to time on the open market and in privately negotiated transactions, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act. The extent to which the Company repurchases shares and the size and timing of these repurchases will depend on a variety of factors, including pricing, market and economic conditions, the Company’s capital position and amount of retained earnings and legal and contractual requirements. The repurchase plan is scheduled to expire January 18, 2023 and may be modified, suspended or discontinued without prior notice at any time. ITEM 6. [RESERVED] 37 Table o f Contents