...Ratings Affirmed: On Aug. 24, 2018, Fitch Ratings affirmed Independent Bank Corp.'s (INDB, or the company) ratings at `BBB'/'F2' during its annual Large Community Bank Peer Review. The ratings affirmation and Stable Rating Outlook reflect the company's strong asset quality, disciplined credit culture and solid operating performance. Acquisition in Line with Expectation: INDB's recently announced acquisition of Blue Hills Bancorp, Inc. (BHBK) is expected to increase INDB's market presence in the metro Boston area and more than offset the loss of debit interchange revenue as a result of crossing the $10 billion asset threshold. INDB's pro forma loan mix will remain stable. Concentrations Constrain Ratings: INDB's ratings are constrained by its concentrated loan portfolio in commercial real estate (CRE) and limited geographic and revenue diversification. Nonetheless, Fitch recognizes INDB's strong underwriting standards, a long history of CRE lending with solid performance and a diversified...
