secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP (INDB)
CIK:        0000776901
Form:       8-K
Filed at:   2024-11-13T23:59:59+00:00
Accession:  0000776901-24-000168
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

INDB reports Q3 2024 net income $42.9M, EPS $1.01; NPLs rise to $104.2M on office loan
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- Q3 2024 net income $42.9M, diluted EPS $1.01; net interest margin improved 4 bps to 3.29%.
- Tangible book value per share rose $1.38 to $46.57; wealth AUA hit record $7.2B.
- Nonperforming loans surged to $104.2M (0.73% of loans) from $57.5M, driven by one office loan.
- Provision for credit losses $19.5M (up from $4.3M in Q2); allowance/loans 1.14%.
- Average deposits grew $330M (8.7% annualized); deposit cost 1.74% (up 9 bps).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/776901/000077690124000168/0000776901-24-000168-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/776901/000077690124000168/indb-20241113.htm
  HTML page:      https://secwatch.observer/filing/0000776901-24-000168

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer