Independent Bank (INDB) - 2025 Q1 - Quarterly Results

Financial Performance - First quarter net income for 2025 was $44.4 million, or$1.04 per diluted share, down from $50.0 million, or$1.18 per diluted share in the previous quarter[1] - Return on average assets and return on average common equity for Q1 2025 were 0.93% and 5.94%, respectively, compared to 1.02% and 6.64% in the prior quarter[2] - Net income for the quarter was $44,424 thousand, down 11.21$50,033 thousand in the prior quarter[27] - Diluted earnings per share on an operating basis (Non-GAAP) decreased to $1.06, down 12.40$1.21 in the previous quarter[28] - Total revenue for the three months ended March 31, 2025, was $178,044 thousand, a 6.36$167,382 thousand in the same period last year[38] Asset and Deposit Growth - Deposit balances increased by $370.0 million, or 2.4$15.7 billion at March 31, 2025[2] - Total assets grew by $514.6 million, or 2.7$19.9 billion at March 31, 2025[4] - Total deposits rose to $15,676,017 thousand, marking a 2.42$19,460,957 thousand as of March 31, 2025, compared to $19,278,891 thousand a year earlier, marking a growth of 0.94$40.9 million, or 1.14% of average loans annualized, compared to $1.2 million, or 0.03$15.0 million in Q1 2025, up from $7.5 million in the previous quarter[11] - Total nonperforming assets decreased to$89,493 thousand, down from $101,529 thousand in the previous quarter[30] - Nonperforming loans as a percentage of gross loans improved to 0.62$211,920 thousand compared to the previous quarter[27] - Net interest income after provision for credit losses decreased by 4.85% to $130,505 thousand from the previous quarter[27] - The interest rate spread improved to 2.68$0.85, or 1.8%, to $47.81 at March 31, 2025[2] - Total stockholders' equity rose to$3,033,392 thousand, marking a 1.35% increase compared to the previous quarter[26] - The tangible common equity to tangible assets ratio was 10.78% as of March 31, 2025, compared to 10.86% on December 31, 2024[32] - Tangible common equity increased to $2,037,379 thousand as of March 31, 2025, up from$1,882,510 thousand a year earlier, representing a growth of 8.25%[37] Operational Efficiency - The efficiency ratio (GAAP) improved slightly to 59.47% from 60.18% in the previous quarter[29] - The efficiency ratio improved to 59.47% for the three months ended March 31, 2025, compared to 59.68% in the same period last year[39] Risks and Challenges - The company faces risks related to geopolitical concerns, economic volatility, and regulatory changes that could impact operations[17] - The company’s ability to adapt to technological changes and cyber threats is critical for maintaining operational integrity[23] - The company emphasizes the importance of understanding risk factors outlined in its Annual Report and Quarterly Reports[18]