Independent Bank Corp Q2 net income $62.6M, EPS $1.42; NIM compresses 25 bps to 3.54%

INDEPENDENT BANK CORP

2023-Q2 EPS reported $2.78

Net income $62.6M, diluted EPS $1.42; ROAA 1.29%, ROAE 8.78%.
Net interest margin declined 25 bps to 3.54%; core NIM 3.52% (down 26 bps QoQ).
Total loans $14.1B (+1.4% QoQ); deposits $15.2B (-0.2% QoQ); deposit cost rose to 0.85%.
Net charge-offs $23.5M (primarily fully-reserved C&I loan); provision $5.0M; NPLs 0.32% of loans.
Tangible book value per share $41.88, up $0.57 QoQ; strong capital ratios.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

INDEPENDENT BANK CORP reported Q2 2023 results: net income $62.6 million, EPS $1.42 per diluted share.

Period: Q2 2023
Net income: $62.6 million
EPS: $1.42 per diluted share
Result: reported results

Exact text from the filing

Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2023 second quarter net income of $62.6 million, or $1.42 per d iluted share, compared to 2023 first quarter net income of $61.2 million, or $1.36 per diluted share.

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

INDEPENDENT BANK CORP filing history →

Source: SEC EDGAR

accession 0000776901-23-000180

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