---
schema_version: "secwatch.filing_event.v1"
accession: "0000776901-24-000161"
form_type: "8-K"
ticker: "INDB"
cik: "0000776901"
company_name: "INDEPENDENT BANK CORP"
filed_at: "2024-10-17T23:59:59+00:00"
generated_at: "2026-05-30T13:30:15.180895+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000776901-24-000161
- form_type: 8-K
- ticker: INDB
- cik: 0000776901
- company_name: INDEPENDENT BANK CORP
- filed_at: 2024-10-17T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/776901/000077690124000161/0000776901-24-000161-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/776901/000077690124000161/indb-20241017.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000776901-24-000161
- JSON: https://secwatch.observer/filing/0000776901-24-000161.json
- Plain text: https://secwatch.observer/filing/0000776901-24-000161.txt

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