Independent Bank Corp Q1 net income $61.2M; deposits drop 3.8%, borrowings surge

INDEPENDENT BANK CORP

2023-Q3 EPS reported $1.36

Net income $61.2M ($1.36 diluted EPS) vs $77.0M ($1.69) in Q4 2022.
Deposits decreased $606.8M (3.8%) to $15.3B; core deposit ratio fell to 85.6%.
Completed $120M share repurchase (1.6M shares); FHLB borrowings rose $879M for liquidity.
Net interest margin 3.79% (down 6bp QoQ); core NIM 3.78%.
Provision $7.3M; NPLs $56.2M (0.40% of loans); allowance 1.14%.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

INDEPENDENT BANK CORP reported quarter ended March 31, 2023 results: net income $61.2 million, EPS $1.36 per d iluted share.

Period: quarter ended March 31, 2023
Net income: $61.2 million
EPS: $1.36 per d iluted share
Result: reported results

Exact text from the filing

Independent Bank Corp. (the "Company") announced by press release its earnings for the quarter ended March 31, 2023.

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Source: SEC EDGAR

accession 0000776901-23-000116

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