---
schema_version: "secwatch.filing_event.v1"
accession: "0000776901-24-000003"
form_type: "8-K"
ticker: "INDB"
cik: "0000776901"
company_name: "INDEPENDENT BANK CORP"
filed_at: "2024-01-18T23:59:59+00:00"
generated_at: "2026-06-06T22:16:12.323273+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000776901-24-000003
- form_type: 8-K
- ticker: INDB
- cik: 0000776901
- company_name: INDEPENDENT BANK CORP
- filed_at: 2024-01-18T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/776901/000077690124000003/0000776901-24-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/776901/000077690124000003/indb-20240118.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000776901-24-000003
- JSON: https://secwatch.observer/filing/0000776901-24-000003.json
- Plain text: https://secwatch.observer/filing/0000776901-24-000003.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/776901/000077690124000003/0000776901-24-000003-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.