secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP (INDB)
CIK:        0000776901
Form:       8-K
Filed at:   2024-04-18T23:59:59+00:00
Accession:  0000776901-24-000104
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 Corp Q1 net income $47.8M, EPS $1.12; NIM down 15 bps to 3.23%
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/776901/000077690124000104/0000776901-24-000104-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/776901/000077690124000104/indb-20240418.htm
  HTML page:      https://secwatch.observer/filing/0000776901-24-000104

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