Independent Bank (US:INDB)2025-04-18 02:05Financial Performance - Net income for Q1 2025 was $44.4 million[10], compared to $47.8 million in Q1 2024[10] - Diluted EPS for Q1 2025 was $1.04[10], versus $1.12 in Q1 2024[10] - ROAA for Q1 2025 was 0.93%[10], a decrease from 1.00% in Q1 2024[10] - ROACE for Q1 2025 was 5.94%[10], compared to 6.63% in Q1 2024[10] - Core net interest margin expanded by 6 bps to 3.37%[12] Deposit and Loan Portfolio - Deposits grew by $370 million, representing a 9.8% annualized growth rate[12] - Noninterest-bearing demand deposits totaled $4410 million as of March 31, 2025, a 0.4% increase from December 31, 2024[14] - Total loans decreased slightly by $16 million, a 0.1% decrease[17] - Commercial real estate loans decreased by $104 million, a 1.5% decrease[17] Asset Quality - Nonperforming loans (NPLs) were $89.5 million in Q1 2025[19] - Allowance for credit losses as a percentage of total loans was 0.99%[24] - The CRE & Construction Portfolio is $7.4 billion[27, 33], with office properties accounting for 13.6% or $1.012 billion[33] Enterprise Bancorp Acquisition - The acquisition is projected to increase GAAP EPS by 16.2% in 2026[58] - The combined company is expected to have $25 billion in assets, $20 billion in deposits, and $19 billion in loans[58]