---
schema_version: "secwatch.filing_event.v1"
accession: "0000776901-23-000116"
form_type: "8-K"
ticker: "INDB"
cik: "0000776901"
company_name: "INDEPENDENT BANK CORP"
filed_at: "2023-04-20T23:59:59+00:00"
generated_at: "2026-06-16T23:05:09.397453+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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%.

## SEC filing metadata
- accession: 0000776901-23-000116
- form_type: 8-K
- ticker: INDB
- cik: 0000776901
- company_name: INDEPENDENT BANK CORP
- filed_at: 2023-04-20T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/776901/000077690123000116/0000776901-23-000116-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/776901/000077690123000116/indb-20230420.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000776901-23-000116
- JSON: https://secwatch.observer/filing/0000776901-23-000116.json
- Plain text: https://secwatch.observer/filing/0000776901-23-000116.txt

## Key facts
- Earnings Releases
  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
  source text: Independent Bank Corp. (the "Company") announced by press release its earnings for the quarter ended March 31, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/776901/000077690123000116/0000776901-23-000116-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.