secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP (INDB)
CIK:        0000776901
Form:       8-K
Filed at:   2024-10-17T23:59:59+00:00
Accession:  0000776901-24-000161
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/776901/000077690124000161/0000776901-24-000161-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/776901/000077690124000161/indb-20241017.htm
  HTML page:      https://secwatch.observer/filing/0000776901-24-000161

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