secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP (INDB)
CIK:        0000776901
Form:       8-K
Filed at:   2023-04-20T23:59:59+00:00
Accession:  0000776901-23-000116
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/776901/000077690123000116/0000776901-23-000116-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/776901/000077690123000116/indb-20230420.htm
  HTML page:      https://secwatch.observer/filing/0000776901-23-000116

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