earnings
confidence high
sentiment positive
materiality 0.75
Independent Bank Corp Q4 net income $50.0M; NIM expands, provision falls
INDEPENDENT BANK CORP
2024-FY EPS reported
$4.52
- Net income $50.0M ($1.18 diluted EPS), up from $42.9M ($1.01) in Q3.
- Operating net income $51.4M ($1.21 diluted), excluding $1.9M merger costs for pending Enterprise acquisition.
- Net interest margin expanded 4 bps to 3.33%; core margin up 2 bps to 3.31%.
- Provision for credit losses fell to $7.5M from $19.5M; nonperforming loans decreased to $101.5M.
- Tangible book value per share rose $0.39 to $46.96; total loans grew 1.0% (4.1% annualized).