secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP (INDB)
CIK:        0000776901
Form:       8-K
Filed at:   2023-07-20T23:59:59+00:00
Accession:  0000776901-23-000180
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/776901/000077690123000180/0000776901-23-000180-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/776901/000077690123000180/indb-20230720.htm
  HTML page:      https://secwatch.observer/filing/0000776901-23-000180

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