Independent Bank Corp Q3 net income $60.8M ($1.38 EPS); NIM compresses, announces $100M buyback

INDEPENDENT BANK CORP

2023-Q3 EPS reported $4.16

Q3 net income $60.8M, diluted EPS $1.38 (vs Q2 $62.6M, $1.42); ROAA 1.25%, ROAE 8.35%.
Core net interest margin 3.47%, down 5 bps QoQ; Q4 2023 margin guided 3.35%-3.40%.
Total loans $14.2B (+0.6% QoQ), deposits $15.1B (-1.2%); NPLs $39.2M (0.28% of loans).
Provision $5.5M, net charge-offs $5.6M (single CRE credit); allowance 0.99%.
Board authorizes $100M stock repurchase plan, expiring Oct 18, 2024.

item 2.02 item 7.01 item 8.01 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 quarter ended September 30, 2023 results: net income 60.8 million, EPS 1.38.

Period: quarter ended September 30, 2023
Net income: 60.8 million
EPS: 1.38
Result: reported results

Exact text from the filing

Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2023 third quarter net income of $60.8 million, or $1.38 per d iluted share, compared to 2023 second quarter net income of $62.6 million, or $1.42 per diluted share .

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INDEPENDENT BANK CORP filing history →

Source: SEC EDGAR

accession 0000776901-23-000213

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