Independent Bank Corp Q1 net income $47.8M, EPS $1.12; NIM down 15 bps to 3.23%

INDEPENDENT BANK CORP

2024-Q1 EPS reported $1.12

Net income of $47.8M ($1.12 diluted EPS) vs Q4 2023 $54.8M ($1.26); ROAA 1.00%, ROAE 6.63%.
Net interest margin fell 15 bps to 3.23%; net interest income down 5.3% to $137.4M.
Deposits grew $177.7M (1.2%) to $15.0B; borrowings down $193M (15.8%).
Completed $100M share buyback with $31M repurchased in Q1; 532,266 shares at avg $58.22.
Guidance: Q2 2024 NIM expected 3.20-3.25%; loan growth flat to low single digit.

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