secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP (INDB)
CIK:        0000776901
Form:       8-K
Filed at:   2024-01-18T23:59:59+00:00
Accession:  0000776901-24-000003
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/776901/000077690124000003/0000776901-24-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/776901/000077690124000003/indb-20240118.htm
  HTML page:      https://secwatch.observer/filing/0000776901-24-000003

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