Fitch affirms Independent Bank

Fitch Ratings said it affirmed Independent Bank Corp.'s ratings at BBB/F2.

The outlook is stable.

The agency said the affirmation and outlook reflect the company's stable asset quality, conservative credit culture and steady operating performance.

Fitch said that in its view, Independent Bank will continue to deliver consistent financial measures such as lower-than-peers' net charge-offs as well as stable, reasonable returns while maintaining capital ratios in line with peers.

The agency said that although it believes the company's balance sheet liquidity is weaker than peers, an offset is the company's sizable mix of non-interest-bearing deposits, which is above average relative to peers.

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