Independent Bank Q4 net income $54.8M ($1.26 EPS), down 9.9% QoQ; NIM compressed to 3.38%

INDEPENDENT BANK CORP

2023-FY EPS reported $5.42

Q4 net income $54.8M vs $60.8M prior quarter; full-year net income $239.5M ($5.42 EPS), down 9.2% YoY.
Net interest margin fell 9 bps to 3.38%; core NIM was 3.35% as deposit costs rose 24 bps to 1.31%.
Nonperforming loans rose to $54.4M (0.38% of loans) from $39.2M (0.28%) on two commercial loans totaling $25.9M.
Deposits fell $194M (1.3%) sequentially; company repurchased 1.3M shares for $69M at $53.73 avg price.
2024 guidance: low single-digit loan/deposit growth; NIM expected mid-3.20's in first half.

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 full year 2023 results: net income $239.5 million, EPS $5.42 on a diluted earnings per share basis.

Period: full year 2023
Net income: $239.5 million
EPS: $5.42 on a diluted earnings per share basis
Result: reported results

Exact text from the filing

Full year net income was $239.5 million, or $5.42 on a diluted earnings per share basis, a decrease of $24.3 million, or 9.2%, as compared to the prior year.

View on SEC.gov

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

INDEPENDENT BANK CORP filing history →

Source: SEC EDGAR

accession 0000776901-24-000003

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.