Independent Bank Q3 net income falls to $42.9M ($1.01 EPS) on $19.5M provision for one CRE loan

INDEPENDENT BANK CORP

2024-Q3 EPS reported $3.34

Net income $42.9M ($1.01 diluted) vs Q2 $51.3M ($1.21); provision for credit losses surged to $19.5M from $4.3M.
NIM expanded 4 bps to 3.29%; average deposits grew $330M (+8.7% annualized) to $15.35B.
Nonperforming loans jumped to $104.2M (0.73% of loans) from $57.5M, driven by a single CRE office loan from a prior acquisition.
Tangible book value per share rose $1.38 to $46.57 (+3.1% QoQ); assets under administration record $7.2B.
Q4 2024 guidance: NIM 3.23%-3.27%, low-single-digit loan/deposit growth; provision driven by emerging credit trends.

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