APPENDIX B: Non-GAAP Reconciliation of Earnings Metrics (Unaudited, dollars in thousands) The following table summarizes the calculation of the Company's return on average tangible common equity for the periods indicated: | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------|-------|-------------------------|-----------|-------------------------------------------|-------|--------- ...

Morsa Images With a market capitalization as of this writing of $2.25 billion, Independent Bank (NASDAQ:INDB) is not exactly a small bank. But it's certainly not a large one either. Over the past couple of years, the company has posted some mixed results. Those mixed results have extended into the 2024 fiscal year. Admittedly, the past couple of years have been difficult for the banking sector, driven in part by a banking crisis that began in March of 2023. In addition to this, economic conditions have crea ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ___________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-9047 Independent Bank Corp. (Exact name of registrant as specified in ...

For the quarter ended March 2024, Independent Bank Corp. (INDB) reported revenue of $167.38 million, down 10.6% over the same period last year. EPS came in at $1.12, compared to $1.36 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $171.8 million, representing a surprise of -2.57%. The company delivered an EPS surprise of -2.61%, with the consensus EPS estimate being $1.15.While investors closely watch year-over-year changes in headline numbers -- revenue and earning ...

Independent Bank Corp. (INDB) came out with quarterly earnings of $1.12 per share, missing the Zacks Consensus Estimate of $1.15 per share. This compares to earnings of $1.36 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.61%. A quarter ago, it was expected that this holding company for Rockland Trust would post earnings of $1.25 per share when it actually produced earnings of $1.26, delivering a surprise of 0.80%.Over the ...

Noninterest expense of $99.9 million for the first quarter of 2024 represented a decrease of $860,000, or 0.9%, as compared to the prior quarter. Significant changes in noninterest expense for the first quarter compared to the prior quarter included the following: • FDIC assessment decreased $1.0 million, or 24.4%, from the prior quarter, driven primarily by the FDIC special assessment recognized by the Company. The first quarter provision for credit losses was $5.0 million as compared to $5.5 million for t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or Table of Contents (Address of principal executive offices, including zip code) Registrant's telephone number, including area code: (781) 878-6100 Securities registered pursuant to Section 12(b) of the Act: Common Stock, $0.01 par value per share INDB NASDAQ Title of each Class Trading Symbol Nam ...

For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ___________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-9047 Independent Bank Corp. (Exact name of registrant as specified ...

10 Net Interest Margin Analysis Quarter Cumulative INDEDEKIDENT Quarter Cumulative 12 Month Margin Outlook* | --- | --- | --- | |---------------------|-------|-----------------------------------------------------------------------------------------------| | Loans | • | Overall loan balances expected to increase modestly in 2023 Q4 | | Deposits | • | Deposit balances expected to remain flat or decrease slightly due to seasonality | | Borrowings | • | Balances expected to fluctuate based on loan, deposit and ...

Financial Data and Key Metrics Changes - In Q3 2023, the company reported a GAAP net income of $60.8 million and diluted EPS of $1.38, indicating solid business activity despite a challenging environment [5][84] - Tangible book value per share increased by $0.72 or 1.7% in Q3, up almost 8% from the prior year [63] - The cost of deposits rose to 1.07% for the third quarter, reflecting a cumulative 20% deposit beta [64][84] Business Line Data and Key Metrics Changes - Total loans increased by 0.6% or 2.4% annualized to $14.2 billion, primarily driven by adjustable-rate residential loans, while total commercial loans saw a slight decline [86] - Fee income increased due to strong deposit and ATM activity, with wealth management income rising from insurance and retail commissions [10] Market Data and Key Metrics Changes - Total deposits decreased by $189 million or 1.2% to $15.1 billion, with approximately $240 million of the decline attributed to seasonal municipal deposits [85] - The company noted a stable funding profile and maintained a strong capital position, with a tangible capital ratio of 9.5% [7] Company Strategy and Development Direction - The company aims to leverage its community banking model in newer markets and invest in technology and data analytics to enhance customer insights [61] - A $100 million share repurchase program was announced to create long-term value, reflecting a strategic shift towards capital management in the current environment [4][109] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current rising rate environment and emphasized a focus on organic growth without relying on M&A [79][80] - The company anticipates low single-digit loan growth in Q4, primarily funded from securities, and expects margin stabilization in the 335 to 340 range [11][90] Other Important Information - The company resolved a non-performing loan in the office commercial real estate portfolio with a $5 million charge-off, and total criticized and classified balances are closely monitored [66][88] - Total expenses increased by $2.2 million or 2.3% compared to the prior quarter, influenced by various operational costs [89] Q&A Session Summary Question: What gives confidence that deposit costs won't remain under pressure? - Management acknowledged that while deposit costs are expected to increase, asset repricing benefits will mitigate these costs [93] Question: Is the buyback program a strategic shift? - Management clarified that the buyback is opportunistic, taking advantage of current stock levels while remaining well-capitalized for future acquisitions [109] Question: How is the company managing office commercial real estate exposure? - Management indicated that they are closely monitoring office exposures, with no non-performers in the top 20 office loans, and expressed confidence in the credit quality [88][106] Question: What is the outlook for the owner-occupied book? - Management reported no significant concerns in the owner-occupied book compared to the non-owner-occupied segment [121]