secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP (INDB)
CIK:        0000776901
Form:       8-K
Filed at:   2023-10-19T23:59:59+00:00
Accession:  0000776901-23-000213
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/776901/000077690123000213/0000776901-23-000213-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/776901/000077690123000213/indb-20231019.htm
  HTML page:      https://secwatch.observer/filing/0000776901-23-000213

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer